Wednesday, 16 December 2020

MA Portfolio Company Exotel raises INR 40 Cr from A91 Partners

 

MA Portfolio Company Exotel raises INR 40 Cr from A91 Partners

Mumbai Angels Network’s portfolio company Exotel Techcom Pvt Ltd has raised fresh funding from venture capital firm A91 Partners. The Company was launched in 2011 by Shivakumar Ganesan, who teamed up with Ishwar Sridharan, Siddharth Ramesh and Vijay Sharma to start the venture. In early 2012, it raised seed funding from Mumbai Angels and Blume Ventures.

Exotel plans to use these funds to capitalise on the enterprise digital adoption wave in the aftermath of the pandemic and invest in new-age technologies to power chatbots, voice translation services, caller sentiment analysis, automatic call quality assessment and more.

In addition, the Company plans to deploy the funds raised to accelerate the product development and enter new markets overseas. In particular, they are looking at the growing revenue contribution from markets such as Southeast Asia to plot its expansion in the coming years. 

Shivakumar Ganesan, Founder, Exotel said, “The pandemic has changed the way companies conduct business. People are now increasingly moving away from an office setup. This has made digital transformation and migration to the cloud a priority.  Exotel has helped enterprises migrate to cloud-based customer communication and build personalized and timely customer engagement across customer support, marketing, operations and sales.”
Gautam Shewakramani, Investor Board Member at Exotel representing Mumbai Angels shareholders said "Since our investment in 2012 Exotel has shown remarkable growth in a sustainable and capital efficient manner. We are thrilled to have A91 partner with the company for its next stage of growth."
Nandini Mansinghka, Co-promoter & CEO, Mumbai Angels Network commented, "Exotel through its cloud technologies has helped more than 4000+ customers across Asia Pacific. It is very rewarding to see Exotel’s journey from seed round investment to exit to our Investors.”  
 

About Mumbai Angels Network: 

Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 500+ members strong, across 9 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune, Jaipur, Chennai) & 25+ cities across the globe. The network today has one of the strongest portfolios in the country with 150+ companies, 70+ exits plus next round investments.

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