AI startup Verloop raises ₹21 crore in series A round led by IDFC Parampara Fund

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Mumbai-based AI-powered customer engagement automation startup Verloop has raised around ₹21 crore ($3 million) in a series A funding round led by IDFC Parampara Fund.

Other investors that participated in the round include Infosys‘ co-founder Kris Gopalakrishnan and Ranjan Pai, the chairman of the Manipal Education and Medical Group (MEMG).

The funds raised will be used to enhance the Verloop customer engagement platform as the startup expands team and scales operations to cater to the global market for automated customer services and marketing.

Founded by Gaurav Singh in 2016, Verloop provides an intelligent AI-powered platform to help its clients in automating customer support and lead generation, to boost sales and marketing. It has enabled more than 120 million conversations through its platform, since its launch in 2016.

It offers a language-agnostic platform, supporting 7 Indian languages including Hindi, English, Tamil, Telugu, Kannada, Marathi, Bengali and Hinglish.

Some of its clients using its technology to enhance business include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance, and Aadhaar Bridge, among others.

Talking about the investment, Kris Gopalakrishnan, Co-Founder, Infosys, said, “We are seeing a massive behavioural shift with people demanding personalized and conversational brand experiences. Large, growing organizations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions. This is where ML (machine learning) technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market.”

Verloop is backed by venture builder platform Growth Story and was also part of Y Combinator startup School in 2017.

Earlier in November 2016, Verloop raised an undisclosed amount of funds from Mohandas Pai and Facebook‘s Anand Chandrasekaran, among others.

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