[Funding alert] SaaS startup LeadSquared raises Rs 240Cr in Series B round led by Gaja Capital

LeadSquared, a Bengaluru-based sales automation SaaS platform, on Wednesday said it has raised around Rs 240 crore in the Series B funding round led by private equity firm Gaja Capital. Existing investors Stakeboat Capital and Jyoti Bansal have also participated in the round.

Speaking on the investment, Nilesh Patel, CEO, LeadSquared, said,

"The funding comes at the right time, and we feel fortunate that our vision to transform sales tech is shared by our investors. We want to take our solutions to newer markets and fuel our global plans into action now."

He added that there has been a step-change in interest from North America and Southeast Asia markets, as customers drive digital transformation in response to the pandemic outbreak.

The startup plans to utilise the funds for global expansions and continued product innovation in industries beyond education, financial services, healthcare, and talent acquisition to match the level of growth in the coming years.

"We have been successfully working with global resellers and partners, and will focus further on international partner associations with the new funds," Patel said.

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Gaja Capital Managing Partner Gopal Jain said the Indian IT industry has matured from providing services to delivering software-as-a-service (SaaS) products to the world.

"LeadSquared's success across business segments in India and consistent global growth demonstrate the trust that its customers have placed in them. We look forward to working with the team to help them achieve their vision of reimagining high-velocity sales tech," Jain said.

The startup claims to have over 1,000 customers globally and continues to see 100 percent revenue growth every year. BYJU'S, ACKO Insurance, Amity University, OLX, Dunzo, and Practo are some of the clients of the startup.

Earlier, in May 2019, LeadSquared raised $3 million in Series A funding from Stakeboat Capital. Jyoti Bansal, an existing investor in the company, and the Founder of AppDynamics and Harness.io also participated in the round.