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AI-based venture Verloop raises USD 3 mln led by IDFC Parampara Fund

Devdiscourse News Desk new delhi India
Updated: 26-11-2018 12:08 IST
AI-based venture Verloop raises USD 3 mln led by IDFC Parampara Fund

Image Credit: Twitter

Verloop, which offers an artificial intelligence-powered engagement platform, Monday said it has raised USD 3 million funding, led by IDFC Parampara Fund.

The series A investment round also saw participation from Infosys co-founder S Gopalakrishnan (also known as Kris) and Ranjan Pai, Chairman of the Manipal Education and Medical Group (MEMG).

The funding will be utilised to enhance the Verloop customer engagement platform as the company expands its team and scales operations to address the global market for automated customer services and marketing, the company said in a statement.

Citing a MetricNet report, the statement said the global opportunity in this space is valued at an estimated USD 19 billion annually.

"Our conversational automation platform already works with more than 5,000 clients across eCommerce, Healthcare, Education, Entertainment & Lifestyle sectors across 37 countries," Gaurav Singh, founder and CEO of Verloop, said.

He added that the company continues to hire top talent and build further traction for the business.

"We are seeing a massive behavioural shift with people demanding personalised and conversational brand experiences," Kris said adding that large, growing organisations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions.

Verloop use-cases span marketing and sales, customer support and celebrity brand management. Its clients include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance and Aadhaar Bridge.

(With inputs from agencies.)