Exotel raises funds and provides an 18x exit to Mumbai Angels

 

Exotel raises funds and provides an 18x exit to Mumbai Angels

Bengaluru-based Exotel, Cloud telephony service provider, co-founded by Shivakumar Ganeshan, Ishwar Sridharan, Siddharth Ramesh, Vijay Sharma, has closed growth capital INR 40 crore funding round led by venture capital firm A91 Partners.  Founded in 2011, the startup had raised a seed round from Mumbai Angels in 2012, co-invested by Blume. This is their first fund raise after the seed round in 2012 and some of the early MA investors have exited in this round, realising over 40% IRR, ~18x multiple.  Exotel offers a number to a company on which they can receive and make calls and SMSes — all at the same time, without having to invest in any infrastructure. The product is a dashboard with sales tools, marketing tools, customer support tools, business intelligence, analytics etc.

Shivakumar Ganesan, Founder, Exotel said, “Mumbai Angels investors had supported us when we were building the platform. I am happy that I was able to deliver and provide a good exit to them. It is a matter of pride for us at Exotel that we have grown organically after the first fundraise from Mumbai Angels. 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 a phenomenal 18x exit to our Investors and we acknowledge the effort of Shivku and his team. We are excited that Exotel is an MA Portfolio company and wish Shivku and the team continued success.”