PHOTO
Abu Dhabi-based holding company ADQ has invested in Verloop.io, an Indian start-up that helps businesses automate customer support.
Alpha Wave Incubation (AWI), the fund that the UAE company had earlier launched to help start-ups in Asia, led the new $5 million in Series-A funding for the platform, along with existing investors IDFC Parampara and Kris Gopalakrishnan.
Verloop.io enables companies to automate their customer support services across channels. So far, it has processed more than two billion queries and logged more than 100 million unique users.
In a statement, the Indian company said the fresh capital will be used for product development, hiring top talent and expanding across the Middle East, Southeast Asia and the United States.
Gaurav Singh, founder and CEO of Verloop.io, said the new investment, which has been successfully raised during a global outbreak, serves as an “endorsement” of their “machine learning capabilities.”
“We are now looking to hire top talent and build further traction for the business globally,” Singh said in a statement.
Last May, ADQ announced the launch of the $300 million Alpha Wave Incubation Fund to back up Asian start-ups in their early stage and establish a base in Abu Dhabi’s Masdar City.
The fund is managed by New York-based investment firm Falcon Edge Capital.
Navroz Udwadia, co-founder and partner of Falcon Edge Capital, said they believe in Verloop.io’s offering, especially at a time when there is a high demand for better customer support solutions.
“With rapidly changing consumer behaviours, brands are now looking to enhance their customer support experience. We are excited to back Verloop.io and believe their offering is well tied with increasing demand for solutions that enable brands to supercharge their support teams and drive growth,” said Udwadia.
Over the last two years, the Indian start-up has grown by 200 percent.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
