SquadStack raises Rs 140 Cr in Series B led by Bertelsmann India Investments
, a Noida-based SaaS-enabled talent marketplace for sales, has raised Rs 140 crore in a Series B round led by Bertelsmann India Investments, along with existing investors Chiratae Ventures and Blume Ventures.
The startup combines data science, artificial intelligence, and a decentralised network of sales experts to help consumer businesses scale up with better conversions.
Established in 2017, SquadStack started with a vision to provide access to skilled work for anyone, anywhere. Ever since the pandemic struck, remote work and variabilisation of cost structure have emerged as key trends in the market. SquadStack partners with sales talent and homemakers, allowing them to work from anywhere with the help of a smartphone.
SquadStack will use this fresh infusion of funds to hire top talent to strengthen its team for expansion. It also plans to increase its sales experts base and expand into new verticals.
Apurv Agrawal, Co-founder and CEO, SquadStack, said, “We’re working towards revolutionising the Rs 80,000-crore Indian telesales industry that lacks innovation. Our combined solution of technology and human expertise solves the negative ROI problem for businesses and financially uplifts sales talent across the country. We’re looking to significantly expand our team. We believe that, in the long run, great products and profit are the byproducts of a great team and work culture.”
According to the startup, over 70 lakh telesales agents sell loans, credit cards, insurance, education, health and wellness products, and services to 20 crore Indians daily. However, over the decade, the telesales market has not seen adequate disruptive innovation for most stakeholders in the ecosystem. These include businesses that struggle to retain sales talent, telesales agents, as well as end consumers. SquadStack integrates three core layers of innovation to manage the sales ecosystem for consumer businesses– decentralisation to access top sales talent, AI-powered tools to manage the complete life cycle of sales experts, and an omnichannel campaign management platform for businesses.
Rohit Sood, Partner, Bertelsmann India Investments, said, “We have a strong bullish thesis on ‘future of work’, and SquadStack fits strongly in that as their technology provides ownership and flexibility to the large, diverse and distributed sales talent in the country. We instantly formed a connection with the founding team as we have strong convictions in their data- and product-driven approach to this complex problem. We are excited to partner them in this journey to transform the sales outsourcing landscape.”
Venkatesh Peddi, Managing Director, Chiratae Ventures, said, “SquadStack is solving massive and persistent problems of the sales industry. By productising sales services to manage the challenges of fragmented supply, SquadStack’s tech-driven solution is truly revolutionising the industry.”