Early-stage venture capital fund Cactus Venture Partners (CVP) on Thursday announced investing $4 million in SaaS-based customer support automation platform Kapture CX which offers a suite of solutions to enterprise customers. The platform helps businesses enhance their customer experience by streamlining and automating customer support over call, email, chat, WhatsApp, social media, and other direct channels. The company said it has created deep vertical offerings for internet companies, retail (Offline and Online), travel, banking and financial services, and consumer durable companies.
Kapture CX operates in five countries viz., the US, UAE, Indonesia, Philippines, and India, catering to large enterprise customers in over 18 countries, including the likes of Meesho, BigBasket, Tata1MG, Reliance, Unilever, ITC etc.
The company said it will deploy the funds for expanding its presence in the international markets, enhancing its product offerings and further strengthening its team.
Sheshgiri Kamath and Vikas Garg, Co-founders at Kapture CX said, “We are seeing a lot of demand from enterprises to enhance their customer experience. No one is happy with their customer support platform provider and large incumbents are struggling to meet the requirements of enterprise customers.”
“The advent of general intelligence in generative AI models has shaken up the industry. The tailwinds we have been experiencing in the large enterprise segment made us look for the right amount of capital to accelerate our growth trajectory. The bets we have placed on Gen AI capabilities and expansions in select international markets have paid off quite well. We intend to use this capital efficiently in growth markets we have identified,” they said.
This marks the sixth investment made by Cactus Venture Partners. The fund invests in businesses with established product-market fit and disciplined financial performance. The fund has a broad sector focus, with primary interests in climate tech, health tech, and B2B SaaS businesses.
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“Kapture CX has all the right ingredients to build a large sustainable SaaS business – a strong founding team with unmatched persistence, agility to understand and solve customer problems, a robust product suite with vertical-specific solutions, and an unwavering persistence to building a high-growth, profitable business,” said Amit Sharma, Partner, Cactus Venture Partners.
According to the India SaaS Report 2022 by Bain & Company in January this year, the Indian SaaS ecosystem continues to gather momentum despite prevailing market headwinds and has become a global leader behind only the US in scale and maturity. The market’s total annual recurring revenue (ARR) increased four times over the past five years to $12 billion–$13 billion in 2022 while investment jumped six times to around $5 billion in 2022.
The ARR of Indian SaaS companies is expected to reach around $35 billion in five years and capture approximately 8 per cent of the global SaaS market.