Vodex Bags Funding From Unicorn India, Pentathlon Ventures

SUMMARY

The funds raised will be used for the company’s global expansion. It also plans to scale its business to at least 4x in the next year

Founded in 2022 by Anshul Shrivastava and Kumar Saurav, Vodex uses AI to assist companies in setting up AI-powered sales agents which can engage in human-like conversations and automate sales processes.

Vodex has previously raised a pre-seed round of INR 1.25 Cr from Micro VC fund 100X.VC

Bengaluru based Gen AI SaaS startup Vodex has raised seed funding of $2 Mn (around INR 16 Cr) from Unicorn India Ventures and Pentathlon Ventures.

The startup plans to use the fresh funds for its overseas expansion. It also aims to scale business to at least 4x in the next year.

Founded in 2022 by Anshul Shrivastava and Kumar Saurav, Vodex uses AI to assist companies in setting up sales agents which can engage in human-like conversations and automate sales processes.

The company claims to eliminate the need for traditional call centres, enabling businesses to streamline operations and improve efficiency to connect with customers.

Shrivastava said, “This investment is a testament to the immense potential of Generative AI in revolutionizing sales. Vodex will invest in building a dedicated and highly trained support team to ensure exceptional customer service. We are confident that by quadrupling our revenue in the near future.”

Bhaskar Majumdar, managing partner, Unicorn India Ventures, said, “We see disruptive capabilities in Vodex to emerge as a formidable player by applying the power of GenAI and SaaS to help enterprises manage their CRM engagements more efficiently.”

Earlier, Vodex raised INR 1.25 Cr in a pre seed funding round from 100X.VC.

The company claimed to have secured $1 Mn in recurring revenue from its customers.

The startup competes against the likes of Drift, SquadStack and Homebot among others.

As per Inc42’s analysis, the GenAI startups in the country raised over $580 Mn between 2019 and 2023, with around $50 Mn going to seed-stage startups.

India’s GenAI space has been gaining a lot of traction from investors for quite sometime now.

Earlier in January, Ola founder Bhavish Aggarwal’s third startup Krutrim became India’s first AI unicorn with a $50 Mn funding round led by a clutch of investors including Matrix Partners India.

In December last year, Bengaluru-based Sarvam AI, a startup in the generative artificial intelligence (GenAI) space, raised Series A funding of $41 Mn (around INR 342 Cr) led by Lightspeed Venture Partners.