technology

SaaS firm LeadSquared turns unicorn following $153M Series C round

SaaS firm LeadSquared turns unicorn following $153M Series C round

LeadSquared, a new-age SaaS platform based in India, has reportedly become a unicorn after receiving $153 million in funding on Tuesday in a Series C round led by WestBridge Capital.

As per reports, LeadSquared intends to use the additional funds for product development, business growth, hiring more people, and inorganic growth.

Nilesh Patel, the CEO, and founder of LeadSquared stated that with this funding, the firm will increase its growth expenditures in India and the United States, start building in EMEA and APAC, expand product offerings, and funding acquisitions. In the upcoming 18 months, LeadSquared intends to quadruple its [AK1] staff to support expansion.

According to Patel, the fundraising was done at a $1 billion company valuation.

Patel further added that from roughly INR 100 crore ($12.7 million) in 2020-21 to INR 200 crores ($25.5 million) in the financial year 2022, the company’s revenue has more than doubled. Over the next five years, the goal is to raise company’s income to roughly INR 400 crores ($51.1 million).

LeadSquared currently hires over 1,200 people, but within the next 18 months, that number is expected to double.

The CEO also disclosed that the money will be utilized to buy a product-mix-compatible solution.

The company has created a global CRM (Customer Relationship Management) platform that eliminates the element of doubt in sales execution and handles customer interaction efficiently.

Prior to this, LeadSquared had secured $3 million in 2019 in a Series A funding round which was led by Stakeboat Capital and around $32 million in a funding round led by Gaja Capital in 2020.

LeadSquared offers end-to-end sales, onboarding automation solutions, as well as marketing. The firm focuses on finding solutions to sales problems for high velocity, high lead volume companies with numerous sales channels and teams. Over 2,000 organizations in 40 nations are currently improving their sales efficiency thanks to LeadSquared.

Source credit: https://www.livemint.com/companies/news/saas-platform-leadsquared-turns-unicorn-with-153-mn-fundraise-11655810564556.html
 

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and RunningAfrica. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.