US-based UiPath Inc., which helps firms automate routine processes, has closed a Series D funding round worth $568 million (Rs 3,955.5 crore at current exchange rate) led by Coatue Management.
In the round that values the software maker at $7 billion (Rs 48,748 crore at current exchange rate), Coatue was joined by Dragoneer Investment Group, Wellington Management, Sands Capital as well as funds managed by T Rowe Price Associates Inc. Previous investors from Series A, B and C rounds also participated, including Accel, CapitalG, Sequoia, IVP and Madrona Venture Group, UiPath said.
In the Indian context, Raghu Subramanian, president and chief executive of UiPath India, said that the potential robotic process automation (RPA) held in areas such as infotech, financial services, healthcare and the government in the subcontinent was massive. “More than that, India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA and artificial intelligence (AI) and the growing talent pool,” said Subramanian.
“We are committed to investing in India to realise our global vision of ‘A Robot for Every Person’ and create a talent base of over 500,000 automation-trained professionals,” he added.
The RPA company said that the funding would go towards expanding UiPath’s focus into front-office and customer-facing areas, including sales and customer support.
In September last year, US-headquartered UiPath had raised Series C funding of $225 million (around Rs 1,630 crore then) with the sole aim of growing its Indian footprint. The company had said that the Series C round, led by CapitalG and Sequoia Capital, would be utilised in increasing its Indian workforce from 250 to 1,200 employees by the end of 2019. UiPath currently has over 2,500 employees worldwide.
Since closing its Series A funding in April 2017, UiPath said that it has built the largest community of RPA users with more than 400,000 members across 200 countries.
The company, which was founded in Romania, said its current customer base included 8 of the top 10 Fortune 500 global and over 50% of the top 50 Fortune 500 global companies.
In another development, UiPath announced on Tuesday that it has partnered Tech Mahindra to launch an AI-driven automation solution for service desk operations.
Pune-headquartered Tech Mahindra said in a statement that the collaboration with UiPath will help build an end-to-end solution for better operational efficiency, business agility and customer experience.