[Funding alert] AI chatbot startup LimeChat raises $750K in seed round led by pi Ventures, Stellaris
AI-based chatbot platform LimeChat on Tuesday said it raised $750,000 in its seed round led by pi Ventures and Stellaris Venture Partners. Angel investors, including Kalyan Krishnamurthy, Sujeet Kumar, Ramakant Sharma, and Dilip Khandelwal, among others also participated in this round.
According to a statement, LimeChat will use the funds to develop its product, strengthen its team, and scale its go-to-market operations.
Founded amidst the COVID-19 pandemic, LimeChat enables D2C brands to drive up online sales conversations via its advanced Level 3 conversational AI technology across chat mediums like WhatsApp, Facebook Messenger, and Instagram.
Last year, the startup had raised a pre-seed round from Titan Capital.
Speaking about the platform, Nikhil Gupta, Co-founder, LimeChat, said,
“We wanted to leverage our AI research background to develop cutting-edge conversational intelligence capable of delivering exceptional customer experiences. A year later, our systems can carry out complex end-to-end sales with the customer at conversation rates unrivalled by any conversational tech on the global market.”
“We believe that in the next five years, commerce through chat mediums, or c-commerce, will be comparable if not higher than ecommerce revenue. We deeply analysed why customers drop off from an ecommerce website... Limiting our focus solely to the ecommerce vertical enabled us to engineer the tailor-made contextual interactions, which these customers desire,” said Aniket Bajpai, Co-founder, LimeChat.
Speaking on the investment, Shubham Sandeep, pi Ventures Principal, said,
“At pi, we back ventures solving large global problems using disruptive technology and LimeChat fits the bill perfectly. Conversational commerce is taking off as evidenced by over 100 million business accounts across WhatsApp and FB Messenger. We believe, LimeChat, with its sophisticated NLP engine and advanced analytics, will be at the forefront of this shift.”
At present, the startup is working with over 25 D2C brands across the fashion, beauty and cosmetics, and health and wellness verticals. It claims to have enabled its clients to increase conversion rates by 10x via its personalised automated conversational commerce platform compared to the typical website conversion rates.
Alok Goyal, Partner at Stellaris Venture Partners, said, “We are delighted to partner with the LimeChat team. Assisted commerce is a massive market ripe for disruption. LimeChat's differentiated Level 3 conversational AI enables any chat medium to become a sales channel. Nikhil and Aniket have done exceptional execution and shown encouraging results in a very short period.”