LeadSquared goes unicorn with $153 million fundraising from WestBridge Capital
Sales automation SaaS platform LeadSquared has gone unicorn with a new $153 million (approximately Rs 1,194 crore) funding round from WestBridge Capital in a Series C round, reported society on Tuesday.
The company plans to use the fund for product development, operations expansion, workforce doubling and inorganic expansion, said CEO and founder of LeadSquared Nilesh Patel.
“With this funding, we will double our growth investments in India and North America, begin building in APAC and EMEA, add new offerings to our product portfolio, and fund acquisitions. To support our growth, we plan to to double our workforce in the next 18 months,” Patel said.
He said the fundraising took place at a company valuation of $1 billion.
LeadSquared has built a global CRM (customer relationship management) platform that takes the guesswork out of sales execution and puts efficiency at the center of every customer interaction.
The company claims to have over 2,000 customers, including high-growth organizations in edtech, higher education, financial services, healthcare, marketplaces, and more.
“Our revenue has doubled to Rs 200 crore in FY 2022 from around Rs 100 crore in 2020-21. We are now looking to increase our revenue to around Rs 400 crore over the next five years. We currently have 1,200 employees we will double over the next 18 months,” Patel said.
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He further stated that the company will use the fund to acquire a solution that matches its product line.
“LeadSquared has shown a remarkable ability to scale and scale effectively. Its core SaaS metrics are unique and best-in-class. Its goal is to create an easy-to-use platform that transforms sales processes through le “Automation, delivering unparalleled efficiency, has significant growth potential in the global market. The future of LeadSquared is very exciting for us and we look forward to a long partnership with the company,” said Sumir Chadha, co-founder and Managing Director of WestBridge Capital.
LeadSquared previously raised $32 million led by Gaja Capital in 2020, and $3 million in its Series A led by Stakeboat Capital in 2019.
“With this round, the company has a strong track record to further invest in growth in India as well as in international markets, particularly in the United States. We expect LeadSquared to drive the growth of ambitious businesses in India. and the world,” Gopal Jain, Managing Partner of Gaja Capital, said. PRS PTI