SaaS platform LeadSquared turns unicorn with $153 mn fundraise
1 min read 21 Jun 2022, 04:56 PM ISTLeadSquared plans to utilise the fresh capital for funding product development, expanding operations, doubling headcount, and inorganic expansion.
PremiumLeadSquared, a new-age SaaS platform, emerged as a unicorn after raising fresh funds to the tune of $153 million (around ₹1,194 crore) on Tuesday in a Series C round from WestBridge Capital.
LeadSquared plans to utilise the fresh capital for funding product development, expanding operations, doubling headcount, and inorganic expansion.
LeadSquared CEO and founder Nilesh Patel said, "With this financing, we will double down on growth investments in India and North America, start building in APAC and EMEA, add new offerings to our product portfolio, and fund acquisitions. To support our growth, we plan to double our headcount in the next 18 months," as reported by PTI.
Patel stated that the fundraising has taken place at an enterprise valuation of $1 billion.
Further, Patel said, "Our revenue doubled to ₹200 crore in the financial year 2022 from about ₹100 crore in 2020-21. Now we are looking to increase our revenue to about ₹400 crore in the next five years. We have 1,200 employees at present which we will double in the next 18 months."
The CEO also revealed that the funds will be used for acquiring a solution that matches its product mix.
The company has built a global CRM (Customer Relationship Management) platform which eliminates the guesswork from sales execution and makes efficiency the focus of every customer interaction.
Meanwhile, WestBridge Capital co-founder and managing director Sumir Chadha said in PTI report said, "LeadSquared has shown a remarkable ability to scale and grow efficiently. Its core SaaS metrics are unique and best-in-class in the industry. Its focus on building an easy-to-use platform that transforms sales processes through automation delivering unparalleled efficiency has significant potential for growth in the global market. Future of LeadSquared is very exciting to us and we look forward to a long partnership with the company."
Earlier, LeadSquared had raised about $32 million in a funding round led by Gaja Capital in 2020, while it had also raised $3 million in a Series A round led by Stakeboat Capital in 2019.
LeadSquared provides end-to-end sales, marketing, and onboarding automation solutions. The company specializes in solving sales challenges for high lead-volume, high-velocity businesses that have multiple sales channels and teams. Currently, LeadSquared is helping over 2,000 enterprises across 40 countries enhance their sales efficiency.
