The round was led by Bertelsmann India Investments
Existing investors Chiratae Ventures and Blume Ventures also participated in the round
It will use this fresh infusion of funds to hire top talent
SaaS enabled talent marketplace SquadStack has raised $17.5 Mn (INR 140 Cr) in Series B round led by Bertelsmann India Investments, along with existing investors Chiratae Ventures and Blume Ventures.
It will use this fresh infusion of funds to hire top talent to strengthen its team for expansion. It also plans to increase its sales experts base and further expand into new verticals.
Established in 2017, SquadStack started its journey to provide access to skilled work for anyone, anywhere. It partners with existing sales talent and homemakers, allowing them to work from anywhere with the help of a smartphone.
According to Apurv Agrawal, cofounder and CEO of SquadStack, the startup wants to revolutionise INR 80,000 Cr Indian telesales industry that lacks innovation.
“Our combined solution of technology and human expertise solves a negative ROI problem for businesses and financially uplifts sales talent across the country. We’re looking to significantly expand our team. We believe that in the long run, great products and profit are the byproduct of a great team and work culture,” Agrawal said.
SquadStack operates in a hybrid work model across five cities including Noida, Gurgaon, Bengaluru, Goa and Mumbai. It is planning to expand to Chennai, Hyderabad and Pune in the coming months.
“We have a strong bullish thesis on ‘future of work’ and SquadStack fits strongly in that as their technology provides ownership and flexibility to the large, diverse and distributed sales talent in the country,” Rohit Sood, partner, Bertelsmann India Investments said.
In 2020, SquadStack raised nearly INR 36.8 Cr in Series A funding round led by Chiratae Ventures.
According to a Transparency Market Research study, the global sales enablement software market is forecast to reach $11.55 Bn by 2031. The report also added that the opportunities in the BFSI, ecommerce, and entertainment industries are expected to fuel the growth of the sales enablement software market.