LeadSquared raises funds from IFC for domestic, overseas expansion

Bengaluru-based IT company LeadSquared on Tuesday announced to have raised an undisclosed amount of funds from International Finance Corporation for its domestic and international expansion.

The company had raised $32 million from its lead investor Gaja Capital in December 2020.

"IFC's investment in LeadSquared signals a growing market and readiness of our offerings on a global scale. We are delighted that IFC has chosen to invest in us, and we believe this is a testimony to the quality of our product innovation," LeadSquared founder and CEO Nilesh Patel said in a statement.

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The company expects a boost in business with its recent foray into North America and looking at a revenue of $200 million in the next five years.

"LeadSquared's AI-powered software can help education, healthcare, and financial services companies bring their solutions to scale across markets." IFC senior director for disruptive technologies and funds William Sonneborn said.

Software-as-a-service provider LeadSquared claims to already have a strong foothold in the higher education space in the US with the market contributing 20 percent of the company's revenue.

The company at present has over 750 employees working across various verticals and multiple geographies.

“We are excited to be a part of LeadSquared’s quest for global significance,” says Gopal Jain, Managing Partner from Gaja Capital. 

He adds, “LeadSquared’s exceptional success across APAC and the strong response in North America exudes confidence in their ability to become a key player in the global sales tech landscape. We look forward to being a part of their next phase of success and are confident that the company will continue to grow with its customer-centric products and solutions in the times to come."