Bengaluru-based Racetrack.ai has raised ₹34.2 crores ($5 million) in pre-series A funding from a clutch of Indian as well as international investors. The investors who participated in the round include Murali Krishna, ex-president & founding member of Biocon, Dov Kagan, US investor. Other investors are from Singapore, Mauritius, along with its existing investors who participated in the round.
The funds raised will help the startup to expand its business verticals in retail, banking, and healthcare. It will also be looking to expand its AI footprints on a global scale with new partnerships.
Post-money valuation of the company is estimated to be ₹145 crores ($21 million). It also becomes the first company to AI chatbot applications domain to reach $5 million in funding. Its competitor in the AI chatbot space had earlier raised $2.5 million.
Racetrack.ai, an AI-driven platform to support sales and support for various sectors including education, real estate, and e-commerce. It was founded by Navneet Gupta, and Subrat Parida in 2015.
Its flagship product Marvin, an AI-powered chatbot engages visitors on the website in intelligent conversations to facilitate sales and support. It can also help cut support time and costs for its clients, along with intelligently engaging customers to assist with their needs. The startup currently has 29 paying clients using its services, with all large commercial transactions.
Subrat Parida, Founder & CEO Racetrack.ai, says, “This is an overwhelming and positive moment for us. We are now looking forward to and are excited to announce our next overseas operation base in the US, Mauritius, and Singapore.”
There is a huge scope for Racetrack.ai in the current market as large and small organisations are looking to optimise their sales and support channels by cutting costs and saving time.
Other prominent startups in the AI domain include Freshworks, SaaS-based customer support and sales platform, that recently joined the unicorn club after raising ₹685 crores.