San Francisco and New Delhi-based sales tech startup SquadStack has raised $5 Mn (nearly INR 36.8 Cr) in Series A funding round led by Chiratae Ventures. The company’s existing investor Blume Ventures also participated in this round.
SquadStack will use this funding to accelerate product growth and hire top product, engineering, and data science talent in the US and India. Prior to this, the company had raised $2.1 Mn from Indian and Silicon Valley-based investors including Blume Ventures, Contrarian Capital, 91springboard, Emergent Ventures, Abstract Ventures, Anthill Ventures, and Axilor Ventures back in 2017. The round was also a part of Series A and had also seen participation from few angel investors as well.
Commenting on the latest fundraise, SquadStack CEO and cofounder Apurv Agrawal, said, “We’re grateful to everyone who believed in our mission to create the ultimate sales acceleration and funnel efficiency stack for consumer focused businesses around the world. To our customer partners, we promise that our vision to make your lives easier by providing the best quality products will never change.”
SquadStack was founded in 2014 by Apurv Agarwal, Kanika Jain, Rishabh Ladha and Vikas Gulati. The platform helps consumer businesses that sell high-ticket products and services across industries such as real estate, financial services, education, healthcare, and retail improve their sales conversions and funnel efficiency.
In 2018, the company had also launched its Sales Acceleration Platform called SquadVoice, which was later rebranded to SquadIQ, in the Indian market. The company had later launched similar products for the US market in 2019. SquadIQ is a company that combines distributed workforce and machine learning to help companies scale their business with better conversions, speed, accuracy, flexibility, and quality.
The company claims to have helped companies like Zomato, Walmart Group, Times Group, Delhivery, Nestaway, Upstox, ZestMoney, and the Tata Group drive 5x-10x improvement in their funnel efficiency metrics using a combination of data science, cloud infrastructure, and a distributed workforce.
Elaborating on the same, Saswata Shankar De, GM of the SquadIQ business, said, “Sales-tech innovation that’s happened on the B2B side is just as important in the B2C world but hasn’t quite reached there yet. SquadIQ wants to be the tech platform of choice for sales and fulfilment teams.”
He further elaborated that the company expects a 10x growth in their customer base over the next two years, especially due to the impact Covid-19 would have on business and operations. “In today’s competitive business environment, organisations need a sales acceleration platform and analytics throughout the sales cycle.” said Venkatesh Peddi, executive director at Chiratae Ventures.
Focusing on the same impact, SquadStack has set up its latest business management platform Auctm that helps broker teams boost revenue, cut costs, and improve agent training and retention by applying its core principles of data-driven sales acceleration.
According to a recent report, the global sales enablement platform market is expected to grow from $1.1 Bn in 2019 to $2.6 Bn by 2024, growing at a compound annual growth rate (CAGR) of 19.8% during the forecast period (2019-2024).
The growth of the sector is said to be fuelled by various factors such as reducing the sales cycle, collaboration with other departments within the company, improving the efficiency of sales representatives.