The funding will be used to enhance Verloop's customer engagement platform as the company expands its team and scales operations.
SaaS customer engagement automation provider Verloop on Monday announced the closing of $3 million Series A investment by IDFC Parampara Fund along with Kris Gopalakrishnan, Co-founder of Infosys, and Dr Ranjan Pai, chairman of Manipal Education and Medical Group (MEMG).
Verloop said the funding will be used to enhance its customer engagement platform as the company expands its team and scales operations to address the global market for automated customer services and marketing.
“This investment is a striking endorsement from some of the savviest and most well-known names in startup and tech ecosystem and comes at a time when we are continuing to hire top talent and build further traction for the business,” said Gaurav Singh, founder and CEO of Verloop.
Verloop is promoted by GrowthStory, an entrepreneurship platform that promotes greenfield ventures.
“People are seeking out a conversational experience with brands and Verloop helps organisations do this at scale. Over the last several months we’ve undertaken an intricate assessment of the Verloop platform, its architecture and the product roadmap. We were very impressed at the way the team has built Verloop and are delighted to partner with Gaurav and his team. The use-cases they’ve built are very interesting and there is great potential for the product to verticalise and mine the potential for automated customer engagement across industries, across countries and across languages,” said Jatin Desai, General Partner of IDFC-Parampara.
“There have been a few notable success stories of Saas-based ventures from India and we believe Verloop certainly has the credentials to emerge a leader in the Conversational AI market that is currently led by players such as Drift and Intercom, globally,” he added.
Verloop was part of the YC (Y Combinator) Startup School 2017 and has made numerous machine learning contributions to MIT Machine Learning libraries, Facebook ML libraries and other open source ML libraries.
“We are seeing a massive behavioural shift with people demanding personalised and conversational brand experiences. Large, growing organisations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions. This is where machine learning technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market,” said Kris Gopalakrishnan.
Launched in 2016, the platform has marketing and sales, customer support and celebrity brand management. Some of its clientele include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance and Aadhaar Bridge. It had also been used by actor Rajinikanth for his movie Kaala.