Bangalore-based Marketing and Lead Generation software platform LeadSquared, has raised US$3 million in Series-A funding from Stakeboat Capital, a private equity firm launched by Chennai-based serial healthcare entrepreneur, GSK Velu, and existing investor Jyoti Bansal, a Silicon Valley-based entrepreneur who founded AppDynamics and Harness.io, and has invested in the startup in 2017.
The startup plans to use the funds raised for expansion of its operations and customer acquisition globally.
Commenting on the fundraise, Nilesh Patel, CEO of LeadSquared, said, “The funding comes right in time to propel our global expansion plans to action. We have lately been seeing an outpour in interest from US, South East Asian and Middle Eastern markets, and we plan to invest more in the regions, so the timing couldn’t have been better.”
LeadSquared is spun-off from Bangalore-based firm MarketXpander Services, which was founded in 2011 to help marketing teams to generate real, measurable business results.
Businesses that have found fitment with LeadSquared include education institutes including EdTech startup BYJU’s, among other offline and online training institutes. Financial services (Insurance providers, loan providers, Fintech businesses), hospitals and wellness clinics, and hospitality businesses among others are also the target customers of LeadSquared.
Notably, LeadSquared is also a CRM platform that guides sales teams about their actions and used by enterprises and small & medium business, across a diverse set of industries.
Chandrasekar Kandasamy, Managing Partner of Stakeboat Capital said, “We are excited to be part of LeadSquared’s journey to excel as a sales execution platform. They have had exceptional success in Indian market and are well poised to succeed in global markets. We look forward to working with the team and helping them grow as a global provider of SaaS solutions.”
Last December, Stakeboat Capital had lowered the target for its first fund to ₹300 crore against ₹500 crore planned earlier and now the firm is reportedly looking at raising a bigger fund totalling $200 million (₹1,420 crore). The firm is looking to invest about $5-7 million growth capital across technology, financial services and healthcare sectors.
Since 2016, Stakeboat Capital has invested about ₹95 crore in Sankalp Semi Conductors and Lexir Resources.
Source – Business Standard