Sales automation software-as-a-service (SaaS) platform, LeadSquared run through MarketXpander Services Pvt. Ltd has end up India’s 103rd unicorn after elevating $153 million (round Rs 1,195 crore) in a Series C investment spherical from new investor WestBridge Capital and different present investors.
A unicorn is a privately-held startup with a valuation of over $1 billion
LeadSquared enters the much-coveted unicorn membership rapidly after Purplle and Physics Wallah’s fund-elevating at unicorn valuation this month.
“With this financing, we can double down on boom investments in India and North America, begin constructing in APAC (Asia-Pacific) and EMEA (Europe, the Middle East and Africa), upload new services to our product portfolio, and fund acquisitions. To guide our boom, we plan to double our headcount withinside the subsequent 18 months,” stated Nilesh Patel, founder and leader govt officer at LeadSquared.
For the 12 months ended March 2022, LeadSquared’s overall earnings doubled to around Rs 2 hundred crores, up from Rs one hundred crore in FY21.
“We intention to obtain profitability over the following 3 years. We are developing however now no longer burning cash. Given the opportunity, we can recognize on the boom and keep to spend however be realistic approximately it,” Patel advised VCCircle including that LeadSquared desires to remedy the trouble of scale, velocity and complexities and are capable of guide high-boom agencies wherein automation is a huge service.
The decade-antique Bengaluru-primarily based totally organization enables enhance performance and income overall performance to over 2,000 organizations assisting them enhance marketing, name center, interior income, discipline income, and different feet-on-avenue teams, that encompass verifications, collections, dealer onboarding, etc.
“LeadSquared has proven an exquisite capacity to scale and develop efficiently. Its recognition on constructing a platform that transforms income strategies via automation has considerable cap potential for boom withinside the international market,” stated Sumir Chadha, co-founder and coping with the director at WestBridge Capital.
Barclays acted because of the distinctive placement agent for the Series C investment.
LeadSquared became based in 2011 through Patel, Prashant Singh, Sudhakar Gorti, and Anand Kumar, who left the organization in 3 years.
The organization first raised outside institutional capital in May 2019 infusing $three million as a part of its Series A led through Stakeboat Capital. In its preceding fundraising in Series B spherical, LeadSquared had raised $32 million led through Gaja Capital in December 2020 together with a follow-up tranche in October 2021 from IFC, the personal funding unit of the World Bank.
It additionally counts Jyoti Bansal, an Indian-American era entrepreneur, as one in every of its early investors.
LeadSquared, which competes with the likes of Salesforce, Pipedrive, Zoho and others, caters to corporations from the edtech, better training, economic services, healthcare, ecommerce marketplaces and different sectors, with a great percentage of sales coming from the training space.
Its customers encompass the likes of Byju’s, Amity University, OLX, Dunzo, Practo, Poonawalla Fincorp, Godrej Housing Finance and Angel One.
Besides presence in India, LeadSquared has operations withinside the United States, the Philippines, South Africa, Australia and Indonesia. LeadSquared additionally plans to double its headcount withinside the subsequent 18 months from currently 1,2 hundred employees.
Its cutting-edge merchandise encompass the release of income overall performance analytics and a collection of equipment to digitize utility processing (an vital manner for finance and training), its developer platform, and no-code workflow builder, the organization stated.
Amid the continued investment crunch and shrinking valuations, Patel says, “Directionally, SaaS is a superb tale and even as valuations may also change, investment to startups which can be disrupting the distance will keep.”
“LeadSquared is speedy rising as a class chief in high-pace income execution software. Nilesh and the group have constructed a robust platform with sturdy unit economics. With this spherical, the organization has the stability sheet power to similarly make investments for boom in India in addition to global markets, particularly the US,” stated Gaja Capital’s coping with partner, Gopal Jain.