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Sales automation software-as-a-service (SaaS) platform, LeadSquared run through MarketXpander Services Pvt. Ltd has grow to be 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 current investors.

A unicorn is a privately-held startup with a valuation of over $1 billion

LeadSquared enters the much-coveted unicorn membership quickly after Purplle and Physics Wallah’s fund-elevating at unicorn valuation this month.

“With this financing, we are able to 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 help our boom, we plan to double our headcount withinside the subsequent 18 months,” stated Nilesh Patel, founder and leader government officer at LeadSquared.

For the 12 months ended March 2022, LeadSquared’s general earnings doubled to round Rs 2 hundred crore, up from Rs a hundred crore in FY21.

“We goal to obtain profitability over the subsequent 3 years. We are developing however now no longer burning cash. Given the opportunity, we are able to recognition on boom and hold to spend however be realistic approximately it,” Patel instructed VCCircle including that LeadSquared desires to remedy the hassle of scale, velocity and complexities and are capable of help high-boom agencies in which automation is a massive service.

The decade-antique Bengaluru-primarily based totally corporation facilitates enhance performance and income overall performance to over 2,000 groups supporting them enhance marketing, name centre, inner income, subject income, and different feet-on-road teams, that encompass verifications, collections, dealer onboarding, etc.

“LeadSquared has proven a exceptional capacity to scale and develop efficiently. Its recognition on constructing a platform that transforms income methods via automation has sizable ability for boom withinside the international market,” stated Sumir Chadha, co-founder and coping with director at WestBridge Capital.

Barclays acted because the one-of-a-kind placement agent for the Series C investment.

LeadSquared became based in 2011 through Patel, Prashant Singh, Sudhakar Gorti and Anand Kumar, who left the corporation in 3 years.

The corporation 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 inclusive of 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 schooling, monetary services, healthcare, ecommerce marketplaces and different sectors, with a full-size percentage of sales coming from the schooling 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 modern-day merchandise encompass the release of income overall performance analytics and a collection of gear to digitize utility processing (an vital technique for finance and schooling), its developer platform, and no-code workflow builder, the corporation stated.

Amid the continued investment crunch and shrinking valuations, Patel says, “Directionally, SaaS is a great tale and at the same time as valuations can also additionally change, investment to startups which can be disrupting the distance will hold.”

“LeadSquared is speedy rising as a class chief in high-pace income execution software. Nilesh and the crew have constructed a robust platform with strong unit economics. With this spherical, the corporation has the stability sheet electricity to in addition make investments for boom in India in addition to worldwide markets, mainly the US,” stated Gaja Capital’s coping with partner, Gopal Jain.

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Sharanya Sinha

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