Exotel Raises 2.5 Crores Series A Funding from Mumbai Angels & Blume Ventures
Exotel, a Bangalore based startup that offers business phone systems on the cloud to SMEs, today announced that they raised 2.5 crores Series A funding from Mumbai Angels & Blume Ventures – for a 25% stake in the company – on ET Now’s Super Angels show.
The funds shall be primarily used for building Exotel’s infrastructure and stabilizing their product.
Speaking about why they chose to invest, Karthik Reddy of Blume Ventures said, “We have been keeping a close watch on Exotel over the last 6 months and have great belief in the team’s potential to deliver innovative communication products and services to the SMB/SoHo segments. Who knows, we may even launch a cool consumer app. The possibilities are interesting. Our investment partners at Mumbai Angels will join Blume in taking the company to the next level.”
Exotel offers a number to a company on which they can receive and make calls and SMS all at the same time without having to invest in any infrastructure. The product is a dashboard with sales tools, marketing tools, customer support tools, business intelligence, analytics etc. Shivakumar Ganesan, founder of Exotel added, “All tools necessary for an enterprise to run their business smoothly over voice and SMS come with Exotel.” Exotel currently has over 65 customers, and generates revenues of 4 lakhs per month. They aim to generate 1 crore in revenue by the end of this financial year.
This space has other players like Knowlarity & Ozonetel, but speaking about the market opportunity, Ashpi Gupta of Mumbai Angels said, “This market is large enough for newer players to enter. The enterprise mobility market is expected to be over $1 billion by 2015.”
Exotel was launched eight months ago, and the founding team consists of Shivakumar Ganesan, Ishwar Sridharan, Siddharth Ramesh and Vijay Sharma. Shivakumar, an alumnus of BITS, Pilani, previously founded another startup, Roopit, and comes with a strong technology background having worked in companies like Yahoo! and Flipkart.