Verloop.io Raises $5 Million In Fresh Funding At Undisclosed Valuation
Verloop.io, a startup that helps clients like Decathlon and Cleartrip automate customer service using Artificial Intelligence, is raising $5 million in funding from investors such as Alpha Wave incubation, a $300 million India and Southeast Asia focused fund.
Existing investors, including Infosys Ltd.’s co-founder Kris Gopalakrishnan and IDFC Parampara, also participated in the funding round, Verloop.io's co-founder Gaurav Singh said. The startup is fully promoted by GrowthStory, the venture-builder platform by entrepreneur couple K Ganesh and Meena Ganesh.
Singh, 30, who founded the company nearly five years ago, said the funds will be used to expand the firm’s operations across regions and verticals, and on board multiple languages across verticals. “Most of the money will be used to enhance technology and open up new markets and go deeper into Southeast Asia, and the United States and Middle East.”
He declined to reveal the startup’s valuation.
A part of investment will also go into hiring talent and building traction. By the end of the year, the firm aims to nearly double its team size to 140.
Singh said that with changing customer behavior, brands are looking to enhance their customer support. Verloop.io can automate nearly 90% of query resolutions using its AI platform within 18 months of working with a firm, he said.
The company, which last raised $3 million, said its platform is now used by 5,000 brands globally including Nykaa, Rentomojo and Adani Capital, among others.