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Talks with venture capital funds to raise $30 million; ApplicateAI

Courtesy/By: Azra Irshad | 2021-10-15 14:38     Views : 95

ApplicateAI, a sales enablement and business-to-business (B2B) platform, is in discussions with venture capital firms to raise $30 million in a Series A round, after raising $2 million from angel investors headed by Sandeep Singhal, senior adviser at Nexus Venture Partners, in a pre-Series A round. The funds will be used to expand the company's technical and business development teams in order to accelerate expansion and scale-up in foreign markets.

The angel investors who participated in the pre-Series A round included Javed Tapia, MD, Clover InfoTech (former founder CEO and director of Red Hat); Deb Deep Sengupta, former president and managing director, SAP India and South Asia; Suhail Sameer, CEO, BharatPe; Rishi Vasudev, founder, G.O.A.T Brand Labs; and Prashant Kumar, founder, Entropia.

Prashant Kumar and A Madhusudan, the company's chief technical officer, cofounded it.

According to Prashant Kumar, for the last three years, the company has been profitable with positive cash flows and reserves. The Company is expecting to reach $6 million in the next year. It is growing 100% year on year, with a current revenue rate of $3million.

Ranjeet Kumar cofounder and CEO of ApplicateAI went on to add that, they are in the early stages of negotiations with institutional investors to fund $30 million to fuel our next phase of development of the platform, with which they will be mainly aiming to expand internationally. It is aimed to reach a $120 million valuation. The company has met its target revenue, cash flow, and worldwide traction is raising capital to support its fast-paced global scale-up strategy. 

In 2017, the firm transitioned from a sales-tech supplier to an integrated AI-powered sales enablement platform. It is used by 275,000 people in over 16 countries, including Spain, Belgium, Italy, and Mexico. AI Supervisor, the company's product, supervises, supports, and trains salespeople and channel partners at the same time.

ITC, MARS (Global), SHELL (Global), Perfetti, Merico, Reckitt (ASEAN), and others are among the company's clientele.

 

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https://economictimes.indiatimes.com/tech/startups/applicateai-in-talks-with-venture-capital-funds-to-raise-30-million/articleshow/87022704.cms

Courtesy/By: Azra Irshad | 2021-10-15 14:38

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