Verloop.io, a customer support automation platform, promoted by GrowthStory, has raised $5 million as a part of its Series A led by Alpha Wave Incubation (backed by ADQ and managed by Falcon Edge Capital) along with existing investors IDFC Parampara and Kris Gopalakrishnan.
Verloop.io enables B2C businesses to automate their conversations with customers across channels and has processed over two billion queries from customers across its 150-plus enterprise clients. Decathlon, Cleartrip, Dar Al Arkan, Fetchr, Livpure, Adani Capital, DSP Mutual Fund, Rentomojo, Scripbox are among its clients across India, South-East Asia and West Asia.
“This investment, especially during Covid times, is an endorsement of our machine learning capabilities. We help our clients with 60 per cent successful query resolution within the first week, 75 per cent within six months and up to 90 per cent within 18 months of working with us. Our revenue grew 200 per cent in FY20. From March to date, our revenue has already grown 3X and our team size has grown 2X as demand for automation from enterprises shot up due to Covid-19. We will exit FY21 with 5X revenue growth. We are now looking to hire top talent and build further traction for the business globally,” said Gaurav Singh, founder and CEO of Verloop.io. The company plans to add 60 more employees to its 80-member team by March 2021.
Better customer experience
“With rapidly changing consumer behaviour, brands are now looking to enhance their customer support experience. We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth,” said Navroz D. Udwadia, co-founder and Partner of Falcon Edge Capital.
Founded in 2015, Verloop.io has offices in Bengaluru, the US, Abu Dhabi and is opening one in Singapore shortly.