SaaS startup Verloop receives $0.45 mn in first tranche of $3.5 mn round

SaaS startup Verloop receives $0.45 mn in first tranche of $3.5 mn round
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14 Aug, 2020

Bengaluru based Magiclane App Services, which operates conversational artificial intelligence and customer support SaaS provider Verloop, has raised Rs 3.38 crore (about $0.45 million as per current exchange rates) from Pratithi Investment Trust and Parampara Early Stage Opportunities Fund Stage-1.

While the former has received 4,607 shares valued at Rs 1,37,24,253, the latter has been allotted 6,747 shares at Rs 2,00,99,313, as per filings with the Registrar of Companies.

The latest capital infusion marks the first tranche of the Rs 26,24,94,585 (about $3.5 million as per current exchange rates) the company looks to raise through equity and preference shares in this round. Other investors in the round will include Alpha Wave Incubation, and Mumbai based angel investors Manikkan Sangameswaran and Sankaranarayanan Sangameswaran, the filings showed.

The four-year-old startup last raised capital in a $3 million Series A funding round led by IDFC Parampara Fund in November 2018. It received an undisclosed amount of seed capital from investment firm Growthstory in May 2015, according to VCCEdge. 

It counts Infosys co-founder Kris Gopalakrishnan, Portea Medical co-founder K Ganesh, former Facebook director Anand Chandradekaran, and Manipal Education and Medical Group chairman Ranjan Pai as early investors.

Founded by Gaurav Singh, Verloop is a SaaS based customer support platform that helps B2C companies personalise and automate conversations with customers. It also runs an automated 24×7 customer engagement platform. The company’s clientele include firms such as Nykaa, Cleartrip, Decathlon, Portea and Apollo Munich Health Insurance.

The company, which was part of the Y Combinator Startup School in 2017, competes with firms such as Ratan Tata-backed, Reliance Industries owned Hapitk and Lightspeed backed Yellow Messenger.