ADQ invests in India's Verloop.io
Customer support automation platform Verloop.io, promoted by GrowthStory, has raised $5 million as a part of its Series A. The round was led by Alpha Wave Incubation (backed by ADQ and managed by Falcon Edge Capital) along with existing investors IDFC Parampara & Kris Gopalakrishnan.
Verloop.io is the first startup to get investment from Falcon Edge backed by Abu Dhabi's ADQ, a fund that recently announced a new $300M VC fund to invest in Indian startups.
Verloop.io enables businesses to automate customer support across channels and has processed over 2 billion queries from customers. With over 100 million unique users the venture claims it has a 92 percent support query deflection and can automate up to 60 percent within 30 days.
“With rapidly changing consumer behaviours, brands are now looking to enhance their customer support experience. We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth” says Navroz D. Udwadia, Co-Founder and Partner of Falcon Edge Capital.
Founded by Gaurav Singh in 2015 Verloop.io helps brands scale up their customer support and is used by over 5000 brands globally, including Decathlon, Dar Al Arkan, Fetchr, Livpure, Adani Capital, DSP Mutual Fund, Rentomojo, Scripbox and many more.
“This investment, especially during COVID times, is an endorsement of our machine learning capabilities. We are now looking to hire top talent and build further traction for the business globally" said Gaurav Singh, Founder & CEO of Verloop.io.
The investment will be used to fuel its aggressive product development roadmap, which includes hiring top talent across the data science and engineering domains while pursuing rapid geographic expansion across the Middle East, Southeast Asia, and the United States.
Betting big on the $400 billion-plus customer support industry globally, Verloop.io has grown by 200 percent (ARR) over the last two years.
Verloop.io recently tied up with the Goa Government to launch a Covid-19 chatbot in association with Portea Medical and since February 2020 has doubled its team and generated 3X revenue.
The venture claims it is uniquely placed to help customers automate their support conversations and ensure a 24x7 predictable response amidst work from the home push. The company has also introduced new features to monitor calls better, make chat support remote ready, and further increase the automation percentage helping brands deliver exceptional customer service, fast.