Yellow.ai raises $78.15 mn in Series C funding with total valuation at $102.15mn
Global conversational AI firm, Yellow.ai has raised $78.15million in a Series C funding round led by WestBridge Capital. Sapphire Ventures, Salesforce Ventures and Lightspeed Venture Partners also contributed to the funding, amounting to a total valuation of $102.15mn.
Yellow.ai has been witnessing exponential revenue growth with support of previous funding. It has brought automation to the $1.3T support sector, strengthened its expertise to automate end-to-end commerce, marketing, HR and ITSM, in turn managing hundreds of new customers.
The capital raised will be used to enhance Yellow.ai's presence in Asia, with special emphasis on the US. The company hosts 500 employees at present and plans to add 70 more to its global network. With the infusion of capital, the company will focus on global expansion, research and development in hyper automation and investments.
Sumir Chadha, Founder and Managing Partner of WestBridge Capital is impressed by Yellow.ai's growing customer support for automation to enhance commerce and HR. The company's popularity and its impact on the industry as an AI partner is evident from increasing customer support.
Jai Das, Co-founder, President and Partner at Sapphire Ventures, is thrilled to witness 4x year over year growth despite the COVID-19 pandemic.
Commenting on the recently held funding round, Raghu Ravinutala, CEO and Co-Founder Yellow.ai said," Yellow.ai has broken out of the crowded virtual-assistant market with our automation-first with human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to our enterprise clients. With our rapid client and revenue expansion in India and across the world, we’re geared to become the global leader in the CX Automation space and are bullish on building our product, partnerships, teams, and community to truly democratize AI in the near future". Raghu Ravinutala co-founded the company in 2015 with an objective to enrich and automate customer experiences by leveraging advanced technologies.
Yellow.ai has deployed live voice bots for over 700 companies in finance, insurance, banking, telecom and for the government as well. Some of the major companies include Amazon, Sephora and Biogen. The number has increased from 200 in the pre-pandemic period to over 700 at present. Compared to previous year, the company has managed to ramp up its revenue by 4 times (40% from global clients and 60% from India).
Yellow.ai with its recent capital raise, revenue growth and increased customer support, aims to focus on expanding its services globally, especially targeting the US market.