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Business News/ Companies / Start-ups/  Sales acceleration startup SquadStack raises $5 million led by Chiratae Ventures

Sales acceleration startup SquadStack raises $5 million led by Chiratae Ventures

The funds will be used for product growth and scaling its engineering and data science team in US and India

Photo: iStockphotoPremium
Photo: iStockphoto

Bengaluru: San Francisco and New Delhi-based startup SquadStack has raised $5 million in a Series A funding round led by Chiratae Ventures. Existing investor Blume Ventures also participated in the round.

The funds will be used for product growth and scaling its engineering and data science team in US and India, it said.

SquadStack was founded in 2014 by Apurv Agarwal, Kanika Jain and Vikas Gulati.

SquadStack helps consumer businesses that sell high-ticket products and services across sectors such as real estate, financial services, education, healthcare, and retail improve their sales conversions and funnel efficiency.

While the company services both India and the US markets, its product offerings are tailored for market requirements.

“In today’s competitive business environment, organisations need a sales acceleration platform and analytics throughout the sales cycle. SquadStack is helping consumer companies across industries solve the principle challenge to turn prospects into customers faster and more profitably." says Venkatesh Peddi, executive director at Chiratae Ventures.

In 2018, SquadStack launched its sales acceleration platform, SquadVoice (now SquadIQ) in the Indian market. It said it has helped companies such as Zomato, Walmart Group, Times Group, Delhivery, Nestaway, Upstox, ZestMoney and the Tata Group drive a 5-10x improvement in their funnel efficiency metrics using a combination of data science, cloud infrastructure, and a distributed workforce.

“We’ve worked across industries because lead qualification and conversion is a challenge for every company irrespective of their industry or niche" said Saswata Shankar De, GM of the SquadIQ business.

“Sales-tech innovation that’s happened on the B2B side is just as important in the B2C world but hasn’t quite reached there yet. SquadIQ wants to be the tech platform of choice for sales and fulfilment teams." Due to changes in how people work following covid, they forecast 10x growth in their customer base over the next two years.

In 2019, SquadStack launched a similar offering in the massive US Real Estate market, but during the initial months of covid-19, executives at multiple leading US broker teams asked for a software to maximize profitability and team performance during the original market downturn. This led to the creation of their offering ‘Auctm’, a business management platform that helps broker teams boost revenue, cut costs, and improve agent training and retention by applying its core principles of data-driven sales acceleration.

“We’re grateful to everyone who believed in our mission to create the ultimate sales acceleration and funnel efficiency stack for consumer focused businesses around the world. To our customer partners, we promise that our vision to make your lives easier by providing the best quality products will never change." Said Apurv Agrawal, CEO of SquadStack.

The firm in 2017 had raised $2.1 million in pre-series A funding led by Blume Ventures.

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Updated: 29 Sep 2020, 09:11 AM IST
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