Automation Anywhere has secured around ₹1713 crores ($250 million) in series-A funding, which was led by NEA and Goldman Sachs Growth Equity. This is one of the largest series-A funding rounds in India and it takes the valuation of Automation Anywhere to around ₹12,300 crores ($1.8 billion).
The funds raised will be used to accelerate customer engagements across all markets to get more customers and to enhance product development efforts. They will be looking towards North America, Europe, India, Japan, South Korea and Singapore to expand their customer base.
Automation Anywhere was founded in 2003 by Ankur Kothari, Neeti Mehta, Mihir Shukla, Rushabh Parmani. It is robotic process automation (RPA) company, that uses its software product to deploy its software bots in the digital workforce to automate business processes.
“Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes. We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these processes. It’s a stark contrast and an enormous opportunity,” said Mihir Shukla, CEO and Co-Founder of Automation Anywhere.
They have continued to grow their total revenue at over 100 percent for the past eight years. Automation Anywhere has a strong client base, including the tech giants like Google, Cisco, Tesco, Whirlpool, Rabobank, etc. They also claim to have a client retention rate of over 98 percent.
Automation Anywhere is now looking to open a Bot Store, an online marketplace for software bots. These bots will be easy to customise and built for the clients to use them as per their requirements. This store already has some prebuilt bots from its partners like Genpact, EY, etc.
“Automation Anywhere has demonstrated tremendous progress within the RPA landscape,” said Scott Sandell, Managing General Partner of NEA. “NEA has a 40-year history of identifying disruptive technologies, and we are confident that Automation Anywhere is poised for long-term success. This funding allows the company to accelerate global expansion and advance its product roadmap, and we are thrilled to partner with the Automation Anywhere team to bring the power of RPA to customers across all industries.”