September 29, 2020 | technology | No Comments
Company said it will utilize the fresh capital to accelerate its product growth and expand its engineering and data science team in the US and India
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San Francisco and Delhi based startup SquadStack on Tuesday announced it has raised USD 5 million in Series A funding round led by Chiratae Ventures.
Existing investor Blume Ventures also participated in the round.
The company in its official statement said it will utilize the fresh capital to accelerate its product growth and expand its engineering and data science team in the US and India.
Founded in 2014 by Kanika Jain, Apurv Agarwal and Vikas Gulati, the startup offers sales acceleration, funnel optimisation and business management solutions to businesses. It claims to combine data science and artificial intelligence to help its clients scale with better conversions, speed, accuracy and cost.
The startup typically caters to consumer businesses that sell high-ticket products and services across real estate, financial services, education and healthcare sectors.
SquadStack has worked with the likes of Zomato, Times Group, Delhivery, Nestaway, Tata Group and Walmart Group, among others, claiming to have led 5 to 10x improvement in their funnel efficiency metrics.
“We’ve worked across industries because lead qualification and conversion is a challenge for every company irrespective of their industry or niche. Sales-tech innovation that’s happened on the B2B side is just as important in the B2C world,” said Saswata Shankar De, general manager at SquadIQ business, the sales outreach and engagement platform of the company that helps businesses in Southeast Asia to generate more revenue opportunities.
Commenting on the funding, Agrawal, CEO, SquadStack said, “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.”
SquadStack aims to grow their customer base by 10X in the next two years and drive adoption and engagement for their products across geographies.
“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,” said Venkatesh Peddi, executive director, Chiratae Ventures.
The company last raised USD 2.1 million from Blume Ventures, Infosys co-founders S Gopalakrishnan and S D Shibulal and seed fund Axilor Ventures in 2017. With the latest round, the company’s total fundraise stands at USD 7.1 million.