SaaS Startup Rocketlane Raises $24 Mn To Develop AI Driven Features For Enterprises

Customer onboarding platform Rocketlane has raised $24 Mn (about INR 200 Cr) in its Series B funding round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners.

The startup said it will use the fresh capital to leverage AI to develop advanced features and capabilities to enhance client project delivery. 

Founded in 2020 by former Freshworks executives Srikrishnan Ganesan, Vignesh Girishankar and Deepak Bala, Rockletlane is a professional services automation and customer onboarding platform. It provides a unified workspace platform that brings together employees, finances and projects to help enterprises improve collaboration.

Rocketlane last raised $18 Mn in its Series A funding round, led by 8VC, in 2022.

Besides the funding round, the startup also said that it has roped in Rao Adavikolanu as its chief marketing officer (CMO). 

With the latest round, the company claims to have raised a total funding of $45 Mn till date.

Rao, who had earlier served in CMO’s role at accounting startup Pilot.com, will be at the helm in driving Rocketlane’s market presence and strategic initiatives.

The latest top-deck appointment also aligns with the company’s strategy to onboard new talents with its cash reserve.

While touching a customer base of 500, the company claims to have tripled its revenue last year after raising a cumulative funding of $21 Mn between 2021 and 2022.

According to an Inc42 report, the global market size of customer onboarding platforms is expected to reach $2.5 Bn by 2025 at a CAGR of 20.4% compared to $1 Bn in 2020.

This development comes at a time when Indian SaaS startups are grabbing investors’ eyeballs globally.

For instance, SaaS startup Maxim AI recently raised $3 Mn (around INR 25 Cr) in a seed funding round led by Elevation Capital. The San Francisco-headquartered company aims to deploy the fresh proceeds for talent acquisition and scaling up its operations for more partnerships with companies building AI products.

With the inception of artificial intelligence (AI) in the Indian startup ecosystem, many Indian SaaS startups are streamlining their operations with the help of AI. For instance, SaaS unicorn Fractal Analytics is utilising its research on AI to facilitate the hiring process.