Bengaluru-based marketing automation and sales execution platform LeadSquared has raised $32 million in Series B funding round led by private equity firm Gaja Capital.
The round was joined by the company’s existing investors private equity firm Stakeboat Capital and Silicon Valley-based serial entrepreneur Jyoti Bansal.
The Software-as-a-Service platform plans to utilize the fresh capital to expand globally and for potential mergers and acquisitions to strengthen its product, according to a statement.
Founded in 2011 by Nilesh Patel, Prasant Singh, Sudhakar Gorti, Sukhbir Kalsi and Anand Kumar, LeadSquared helps businesses increase their closures, manage their pipelines, and attribute their ROI accurately and completely – to people, marketing activities, lead sources, products, and locations. The platform is being used by enterprises and small and medium business across a diverse set of industries. LeadSquared currently has over 1,000 customers globally across industries like EdTech, higher education, financial services, and healthcare among others.
Talking about the funding and the company’s future plans, Nilesh Patel, Co-founder and CEO, LeadSquared, said,
“The funding comes at the right time, and we feel fortunate that our vision to transform sales tech is shared by our investors. We want to take our solutions to newer markets and fuel our global plans into action now. We have seen a step change in interest from North America and Southeast Asia markets, as customers drive digital transformation in response to the pandemic outbreak. We have been successful working with global resellers and partners and will focus further on international partner associations with the new funds.”
The co-founder added that while they already have a presence in the US, they also want to strengthen its position in India to be a significant player with a double-digit market share. He said that they are also building a channel business and will also selectively look at acquiring companies.
With majority of its revenue earned in India, LeadSquared claims the company is currently managing to double its revenues year-on-year, and it expects overseas markets such as the US, Southeast Asia, Africa and Latin America to sustain similar revenue growth in the coming years.
Commenting on the investment, Gopal Jain, Managing Partner at Gaja Capital, said,
“We are excited to be a part of LeadSquared’s quest for global significance. Indian IT industry has matured from providing services to delivering best-in-class SaaS products to the world. LeadSquared’s exceptional success across business segments in India and consistent global growth demonstrates the trust that their customers have placed in them. We look forward to working with the team to help them achieve their vision of reimagining high-velocity sales tech.”
According to Nilesh Patel, the company plans to achieve $100 million in revenues in the next four years.
LeadSquared had previously raised $3 million in its Series A round led by Stakeboat Capital with participation from Jyoti Bansal in 2019.