Predictive sales analytics startup Vymo has raised $5 million in Series-A fund from venture capital firm Sequoia Capital India Advisors. The Bengaluru-based startup now plans to use the fresh round of funding in strengthening R&D and expand footprint in international market.
Vymo has more than 25 customers including financial institutions such as HDFC, SBI Life and Axa. Vymo’s sales tools (which require low or minimal data input) enable sales representatives to be more productive. The startup leverages data from more than 25,000 sales representatives to map out skills and provide real-time recommendations.
Conventional processes restricted the sales representatives to make subjective decisions from the available data only, which is not considered as optimal for large and fast-growing businesses. Vymo, however, can predict user behaviour (what a sales person should do next, detect what he has done, learn from what the best representatives are doing) and help them improve performance with minimal or no manual intervention.
“We use signals and context like location, phone calls, calendar, source of the lead, time of the day and so on, to understand the most important actions the sales reps need to take, and help them prioritise. Our data pipeline, scalable infrastructure and learning systems analyse millions of data points every day to deliver personalised intelligence to every sales rep. And we are just getting started,” said Venkat Malladi, co-founder and CTO, Vymo. Prior to founding Vymo, Venkat worked on the team that built Google Mobile.
The startup claims that its tool in production has engagement similar to leading mobile consumer applications. Its biggest customers have reported more than a 25-percent improvement in their productivity after deployment of the solution.
“Vymo helps organisations improve their sales performance by converting manual operations to rule-based algorithms, something not fulfilled by traditional CRMs. As such, it’s a key tool for any company seeking to maximise its sales potential. The company has shown impressive results in a very short time and Sequoia is excited to partner with them”, said Shailesh Lakhani, MD, Sequoia Capital India Advisors.
Sequoia Capital India this year has invested in Dhruva (the cloud data protection and information management company), Freshdesk (cloud-based customer engagement software provider), Zarget (SaaS platform that provides analytics and insights on increasing conversions and transactions) and Singapore-based cloud video production platform 90 Seconds.
Vymo is set to expand in the Middle East and Asia Pacific markets. Their beta ‘self-service’ version is available at getvymo.com
With the revolution of artificial intelligence, companies are gradually realising the importance of analytics to improve sales efficiency. Artificial intelligence has the potential to handle the process of engaging, nurturing, and qualifying sales leads.
According to Nasscom, the Indian analytics industry is expected to touch $16 billion by 2025 from the current $2 billion. Four hundred of the 600 analytical firms in India are helping position the country as an emerging hub for analytics solutions for industries across the globe.
Nasscom Vice President K S Viswanathan earlier this year said, “With over 90,000 analytics professionals in India across HR, marketing, risk and security, healthcare, retail and finance verticals, the industry is witnessing the emergence of specialised roles like data architect, data strategist, data visualisation analyst and change manager.”
He added that growing at eight times the current levels, the analytics industry is expected to reach $16 billion from the current level of $2 billion by 2025. Indian analytics market is growing at 26 percent CAGR.