Bengaluru-based sales automation SaaS platform LeadSquared has raised $32 Mn in Series B funding round led by private equity firm Gaja Capital. Existing investors Stakeboat Capital and Silicon Valley technology entrepreneur Jyoti Bansal also participated in this round.
Mid-market private equity firm Stakeboat Capital had led LeadSquared’s $3 Mn Series A round back in 2019. Appdynamics’s founder Bansal had invested in the marketing and auto lead generation platform’s seed round back in 2017.
Commenting on the fundraise, Gaja Capital’s managing partner Gopal Jain, said, “Indian IT industry has matured from providing services to delivering best-in-class SaaS products to the world. LeadSquared’s exceptional success across business segments in India and consistent global growth demonstrates the trust that their customers have placed in them.”
Strengthening Global Presence To Double Up Revenue
LeadSquared’s cofounder and CEO Nilesh Patel told Inc42, that the company will use the latest funding to strengthen its global presence, especially in the US market, which has been growing very fast, with revenue expected to double in FY2021. Besides the US and India, the company has a presence across Africa, Latin America, and Southeast Asia.
In addition to expanding its footprint, the company will also focus on continued product innovation in industries beyond education, financial services and healthcare, along with talent acquisition to match the level of growth and scale expected.
“The funding comes at the right time, and we feel fortunate that our vision to transform sales tech is shared by our investors. We want to take our solutions to newer markets and fuel our global plans into action now. We have seen a step change in interest from North America and Southeast Asia markets, as customers drive digital transformation in response to the pandemic outbreak. We have been successful working with global resellers and partners and will focus further on international partner associations with the new funds,” Patel said.
1000 Customers Across Segments
LeadSquared was founded in 2012 under MarketXpender services and launched in 2013 by serial entrepreneurs Patel, Sudhakar Gorti and Prashant Singh. It is a complete sales execution, marketing automation and field force management platform that focuses on influencing customer journeys and driving efficiency from sales touchpoint, team, and channel.
The company has about 1000 customers across education and training, financial services, real estate, healthcare, and tech marketplaces such as Dunzo, Practo, Acko, OLX, BYJU’S, Olx, Exide Life Insurance, Kotak Securities, and Cars24, among others. The company has its offices in Bengaluru, Mumbai, Delhi, Hyderabad, and New Jersey.
During the pandemic, the company has been witnessing increased inquiries and traction from meaningful customers. Though the company faced a shortfall in the first quarter of FY2021 between April to July, but the company quickly recovered in the second and third quarter as digital adoption increased. In the last two quarters, LeadSquared has acquired small and mid-market customers, and witnessed an increase in software usage.