- The startup will use the funding to expand its presence globally.
- Existing investors Stakeboat Capital and Jyoti Bansal have also participated in the funding round.
- Till date, LeadSquared has raised over $35 million in funding.
Bangalore-based sales & marketing automation SaaS platform LeadSquared has raised $32 million (or about Rs 235 crore) in a Series B funding round led by Mumbai-based private equity firm Gaja Capital.
Existing investors Stakeboat Capital and Jyoti Bansal (Co-founder & CEO of Harness) have also participated in the funding round.
The startup plans to use the funding to expand its presence globally, hiring more professionals to strengthen the product and sustained product innovation in industries beyond education, financial services, and healthcare.
In mid-May 2019, LeadSquared has raised $3 million in a Series A funding round led by Stakeboat Capital and Jyoti Bansal. The startup has been focusing more on the expansion of its product & services across the globe.
Till date, It has raised over $35 million in funding, said CrunchBase reports.
The startup has been seeing an outpour of interest from the United States, South East Asia region, and Middle East markets, said the startup.
Founded in 2012 by Nilesh Patel, Sudhakar Gorti, and Prashant Singh. LeadSquared is a SaaS-based sales execution, CRM (customer relationship management), and marketing automation platform that helps startups and enterprises to generate higher sales and higher efficiency from all their teams and channels.
Commenting on the latest funding, Nilesh Patel, Co-founder & CEO, LeadSquared, said, “We are definitely getting into new markets. We already have a presence in the US, but we also want to strengthen our position in India, to be a significant player with a double-digit market share.”
“We are also building a channel business, and will also selectively look at acquiring companies,” he said.
He further said that the company was seeing a greater amount of adoption of its software due to the COVID-19 pandemic, with most of the businesses even from traditional sectors have been going online and have started adopting technology to grow their business.
“For most SaaS businesses, the first goal is to hit a $100-150 million in revenue. That’s where we want to get to in the next four-year timeframe from where we are now,” he added.
“LeadSquared’s exceptional success across business segments in India and consistent global growth demonstrates the trust that their customers have placed in them,” said Gopal Jain, Managing Partner at Gaja Capital.
The startup claims to have a 100% increase in revenue growth every year and has over 1,000 clients globally, including BYJU’S, Acko, Amity University, OLX, Dunzo, and Practo.
LeadSquared currently has its offices in Bangalore, Noida, Hyderabad, Mumbai, New Jersey (USA), and Dubai (UAE).
According to the NASSCOM reports, SaaS funding in Indian startups has grown by 15% CAGR (compounded annual growth rate) over the last three years.
Earlier this month, Bain & Co reported that Indian SaaS has the potential to reach $18-20 billion in revenue and capture a 7-9% share of the global SaaS market in the next two years.
The Indian SaaS revenue in FY-2020 stood at $3.5 billion, said NASSCOM reports.