Automation startup UiPath eyes hyper growth in India business1 min read . Updated: 26 Feb 2020, 10:50 PM IST
- The firm is currently valued at over $7 billion
- It has so far raised about $1 billion in funding
Global robotic process automation (RPA) startup UiPath plans to expand its India business as organisations seek ways to automate routine processes to save costs and increase employee productivity.
“We are in a hyper growth mode in India," Manish Bharti, president, India and South Asian Association for Regional Cooperation, UiPath, said in an interview. “There is immense pressure across all industries such as banking, financial services, and insurance, telecom, manufacturing, and retail to cut costs, which is driving organisations to adopt RPA solutions," he said.
The company, which is valued at more than $7 billion, has so far raised about $1 billion from investors such as Sequoia, Capital G, Accel, and Madrona Venture Group. In its latest round in April 2019, it closed a Series D fundraise of $568 million led by Coatue and joined by others such as Dragoneer, Wellington, and Sands Capital.
Apart from the private sector, where it has made strong inroads, UiPath is also working on pilot projects from government organisations in India such as the Employees’ Provident Fund Organisation, and Coffee Board of India, Bharti said. “We are at very initial stages, but the interest levels are high," he said.
UiPath, founded in Romania and headquartered in New York, has had a strong India connection as it first realised the potential of RPA in the country when Sutherland, a Chennai-based business process outsourcing company made a query about a problem, Bharti said. Today, it counts some of the top corporates such as Mahindra & Mahindra, Star TV, Piramal Group, Tata Steel, Kotak Mahindra Bank, and HDFC Bank among its customers in India.
Globally, UiPath’s market is categorized into five geographies, including the US, Europe, the Middle East and Africa, Japan, Asia Pacific (APAC), and India. “The importance of India is evident from that fact that it is considered a separate market. Japan, APAC, and India combined contribute more than 30% of our total revenue," Bharti said.