Bengaluru-based sales execution, automation and predictive analytics platform LeadSquared has secured $3 million (Rs 14 crore at current exchange rates) in a Series A funding round from private equity firm Stakeboat Capital, it said in a statement.
Jyoti Bansal, an existing investor in LeadSquared and the founder of IT firms AppDynamics and Harness.io, has participated in this round again, the statement added.
Bansal had invested in the firm in 2017.
LeadSquared plans to use the fresh funding to expand its operations and customer acquisition initiatives in the US, Southeast Asia and the Middle East.
LeadSquared is an artificial intelligence-powered sales execution, CRM and marketing platform. It was launched in 2013 by serial entrepreneurs Nilesh Patel, Sudhakar Gorti and Prashant Singh under the banner of their agency MarketXpander Services Pvt. Ltd.
The company helps enterprises generate higher sales and achieve higher efficiency from their teams and channels. The areas of focus are higher returns from digital sales channels, better call centre productivity, AI-powered offer generation engine and higher realisation from all feet-on-street teams.
“The funding comes right in time to propel our global expansion plans to action. We have lately been seeing an outpour in interest from US, Southeast Asian and Middle Eastern markets, and we plan to invest more in the regions, so the timing couldn’t have been better,” said Patel.
According to the statement, over 800 new-age businesses globally in verticals like education, financial services, insurance, healthcare, internet marketplace and real estate use its services.
LeadSquared has offices in Noida, Hyderabad, Mumbai, New Jersey and Dubai. The company plans to hire talent extensively across all these locations and open a new office in Singapore soon.
The private equity firm invests in small and medium enterprises in the healthcare, enterprise technology, manufacturing, financial services and consumer sectors. The firm was launched in 2016 by professionals with experience in the PE industry as entrepreneurs and investors, transforming growth stage companies into firms with market capitalisation in excess of $9 billion.
The Stakeboat Capital Fund is backed by marquee institutions such as Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and Rural Development (NABARD) and Biotechnology Industry Research Assistance Council (BIRAC).
“We are excited to be part of LeadSquared’s journey to excel as a sales execution platform. They have had exceptional success in the Indian market and are well poised to succeed in global markets. We look forward to working with the team and helping them grow as a global provider of SaaS solutions,” said Chandrasekar Kandasamy, managing partner of Stakeboat Capital.