Mumbai: Verloop, a SaaS (software as a service) startup for customer engagement, raised $3 million in Series A funding round led by IDFC Parampara Fund, according to a statement released by the company on Monday. The money will be used to enhance technology, which will leverage more customer engagement and expand the team, the company statement said. Infosys co-founder Kris Gopalakrishnan, and Ranjan Pai, chairman, Manipal Education and Medical Group, also participated in the funding round.
“This investment is a striking endorsement from some of the savviest and most well-known names in startup and tech ecosystem and comes at a time when we are continuing to hire top talent and build further traction for the business," said Gaurav Singh, chief executive of Verloop.
The company also plans hire more people to expand outside India into other markets that require automated customer services and marketing, according to the statement. Founded in 2016 by Singh, Verloop provides services including conversational campaigns, automated helpdesk, personalized customer on boarding, and celebrity brand management. Verloop.io is the company’s language-agnostic platform, which supports seven Indian languages including Hindi, Tamil, Telugu and Kannada.
Verloop offers services to companies including beauty and personal care platform Nykaa, Apollo Munich Health Insurance, and organic product platform Qtrove. It also claims to have about 5,000 clients across e-commerce, healthcare and education startups.
IDFC Parampara Fund has previously invested in technology and innovation startups such as Play Shifu, an augmented reality-based gaming system for kids, and SecurAX Technologies, which provides biometric facilities to companies.
“We are seeing a massive behavioural shift with people demanding personalized and conversational brand experiences. Large, growing organizations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions," said Gopalakrishnan.
“This is where ML (machine learning) technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market," he added.
Singh claims the SaaS platform has processed about 120 million unique conversations since inception.
The global opportunity in this space is valued at an estimated $19 billion annually, according to a MetricNet report cited in the statement.
Verloop is promoted by GrowthStory, the venture-builder platform founded by serial entrepreneurs K. Ganesh and Meena Ganesh.