With SMB’s contributing nearly 70% of global employment and 50% of the world’s gross domestic product, Indian software-as-a-service startups are expected to capture 7-9% global market share by 2022
BENGALURU: Sales and marketing automation platform for small and medium businesses (SMBs), NeoDove, has raised $1.5 million in a seed round led by early-stage investor India Quotient. The round also saw participation from angel investors, including Sumit Agarwal, founder, Vyapar, and Ankit Garg, founder, WakeFit.
With the fresh funding, the company will look at accelerating product development and international growth expansion, while also expanding its customer base in India. This round comes in quick succession to the company’s first angel round raised in August 2020.
"NeoDove’s products are designed to help SMB’s engage customers across the entire digital ecosystem more intelligently and efficiently, by way of our identity-based data and predictive artificial intelligence (AI). COVID-19 has forced many businesses to rethink their customer experience and our automation solutions have helped them make a swift and effective cloud transition," said Arpit Khandelwal, co-founder, NeoDove.
The year-old startup is already witnessing more than five million interactions every month, with customers spending close to six hours on its mobile app.
"We are witnessing an unprecedented and transformative shift in the way we work, with artificial intelligence changing how people, processes and technology interact for productivity gains," said Ankit Kumar Agrawal, co-founder, NeoDove.
Agrawal added that with SMB’s contributing nearly 70% of global employment and 50% of the world’s gross domestic product (GDP), Indian software-as-a-service startups are expected to capture 7-9% global market share by 2022 according to a recent study by Bain and Co.
"NeoDove’s process-driven approach to automation is a paradigm change for the SMB market. Small and medium businesses are under a lot of pressure to digitise and this is going to be a massive opportunity for growth. We believe SaaS based automation tools for SMB’s will be a game changer and are excited that NeoDove is very well positioned to capitalise on this opportunity," stated Madhukar Sinha, co-founder and general partner at India Quotient.