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Cloud telephony enterprise Exotel raises $40 Mn in Series D

The cloud telephony company Exotel announced on Tuesday that it has raised $40 Mn in Series D round. Steadview Capital spearheaded the startup’s latest funding round. However, names of other investors who participated in the round were not divulged. The fresh funds have arrived barely three months after the startup had raised $35 Mn in series C .

The Series D round has happened at a critical time for the startup as it strives hard to transform itself into a full-stack customer engagement platform. Additionally, it is looking to consolidate its presence in the middle-east and south east asia region.    

Exotel is a decade old company and had largely remained bootstrapped since its inception. However, since past few years the Bengaluru based startup has been warming up to the VCs since it is looking to aggressively expand its business. The company said that it has collected $100 Mn in equity and debt funding over the period of last 15 months. Apart from Steadview, it counts Blume Venture, Sistema, A91 partners  and IIFL Asset Management among its other backers.

The 2021 was equally eventful on the M&A front for the decade old company. Earlier this year, the company merged its business with Ameyo, one of the leading contact center platforms in Asia. It later on acquired Congo AI.     

Having transformed itself into a full-stack customer engagement platform, today Exotel offers a complete suite communication services and tools that is needed for modern businesses. This includes remote customer support center, APIs, voice and chat bots.

The company counts Ola, HDFC Bank, Swiggy, Bajaj Allianz, Krazybee, Shadowfax and TSC among its several other high-profile customers. Over all, the Bengaluru headquartered company claims that its services are being currently used over 6,000 companies spread across the world.   

The company claims that its current annualized recurring revenue (ARR) is $50 million and is aiming to clock ARR of $200 Mn over the next four years.

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