ApplicateAI which provides AI-based sales enablement and B2B platform announced that it has raised $30 Million in a Series A round from venture capital firms. After the funding the startup will be valued at $160 Million.
The funding round was led by Sandeep Singhal, Senior Advisor at Nexus Ventures and Avana Capital, other key investors in the round include Javed Tapia, Managing Director at Clover Infotech; Deb Deep Sengupta, former president and managing director at SAP India and South Asia; Suhail Sameer, CEO of BharatPe; and Prashant Kumar, Founder of Entropia. The pre-Series A round also saw participation from most of the ApplicateAI’s existing investors.
ApplicateAI was founded by Deepak Rewadi in 2014, The platform contains various AI products which includes AI Sales Bot, AI marketing Bot, AI HR bot, Sales Team productivity application, modern retail execution application, and distributor application.
For Madhusudan Atmakuri, CTO and Co-Founder of ApplicateAI, raising about $2 million in the first round was a great validation of the platform’s business model.
Co-founder and CEO of ApplicateAI, Ranjeet Kumar said, “After achieving the targets of revenue and cashflow, we we planned to raise capital from people with credible expertise and experience in scaling a global SaaS platform, who can help us fast-track our growth as investors and mentors”.
Catering to more than 325,000 users across 16 countries, its clientele includes the likes of ITC, MARS (Global), SHELL (Global), Perfetti, Merico, Reckitt (ASEAN), Whirlpool, BATA, Raymond, and more.
The startup’s E-B2B platform, Channel KART, has more than 275,000 active users across nine countries with current Gross Merchandise Value (GMV) rate of over $80 million.
The startup sees a growing market opportunity as more than 50 million salespeople are likely to turn to AI-based recommendations and more than 50 million retailers would use E-B2B Platform for transaction and engagement in the next five years, ApplicateAI stated in its release.