Conversational AI platform ORAI today announced it has raised Rs 6.5 crore in a pre-Series A funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm. So far, IPV has invested Rs 326 crore across 107 deals.
ORAI claims to offer 100% automation powered by artificial intelligence (AI) with all the advanced features in a single bot that does all the work related to customer support, customer outreach, customer engagement, marketing, sales support, and post-sales services.
The startup recently introduced a WhatsApp commerce feature to automate business conversations over WhatsApp with the help of artificial intelligence (AI).
The platform is helping its clients to gain higher revenues and increased ROI (return-on-investment) using Humanised virtual assistants enabling real-time 3-way communication, and Automated lead qualification.
Founded in 2020 by Sujit Das Biswas and Swapnil Jain, According to ORAI, The raised funds will be utilized in expansion in sales & marketing, capturing larger markets, product development and enhancements, and towards R&D.
The startup currently serves more than 100 customers, including Sayaji Hotel, GMR Delhi, Group Landmark, Kataria Group, Emcure, etc.
“As IPV continues to show trust in our business growth, with the 2nd round led by the Platform, we are all set to expand our operations nationally and internationally. With WhatsApp Commerce becoming the biggest demand in the industry, ORAI has received multiple appreciations from customers for its high tech, high performing platform," Swapnil Jain said.
ORAI acts as a strong enterprise solution for a variety of use cases. For instance, The engagement ratio of the digital user has gone up by min 200% as the customers are reached on new-age channels like WhatsApp, Google Assistant, and Alexa. Following this, the platform has helped businesses to increase qualified leads and accelerate business revenue.
Apart from this, It provides 24x7 access to information, handles client queries more effectively, and improves customer acquisition and retention, the statement said. The platform also has an integration with CRM (Salesforce) and ERP (SAP).
The global conversational AI market size is expected to grow from US$4.8 billion in 2020 to US$13.9 billion by 2025, at a compound annual growth rate (CAGR) of 21.9% during the forecast period. ORAI aims to be the leader in Conversational AI Space with constant innovations helping businesses connect better with customers, it adds.
“AI-driven chatbot has witnessed an upsurge in demand as it helps business to grow and function holistically. Similarly, ORAI has evolved exponentially as a robust AI conversational platform catering to 14 sectors including healthcare, real estate, education, automobile among others," Vinay Bansal, Founder & CEO, Inflection Point Ventures said.
"This platform ensures end-to-end solutions to the customers and clients thus enabling a smoother customer interface, streamline operations, quicker lead generation, and also maximize ROI on digital marketing spends. We at IPV look forward to supporting ORAI’s vision to grow beyond boundaries and be the leaders in AI conversational space," Vinay adds.
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