Voice AI startup Skit raises $23 million in funding from WestBridge Capital, others

By: |
September 01, 2021 3:58 PM

The capital will be used for sales and marketing, building delivery capabilities and R&D to speed up innovation and further enhance products as well as global expansion.

Post Devolution Revenue Deficit Grant is provided to the states under Article 275 of the Constitution.Post Devolution Revenue Deficit Grant is provided to the states under Article 275 of the Constitution.

Voice AI company Skit on Wednesday said it has raised USD 23 million (about Rs 168 crore) in funding led by WestBridge Capital.

The series B round also saw participation from Kalaari Capital and Exfinity Ventures, Angelist syndicate led by Aaryaman Vir Shah from Prophetic Ventures and Letsventure syndicate led by Sense AI, a statement said.

The capital will be used for sales and marketing, building delivery capabilities and R&D to speed up innovation and further enhance the company’s products as well as global expansion, it added.

Formerly known as Vernacular.ai, Skit had raised funds (USD 5.1 million) in series A round in May 2020. The latest infusion brings the total funding raised by the company to USD 30 million.

Skit said it plans to double down and scale operations in both Indian and global markets.

Since the last fundraise, the company has been able to increase its revenue and customer growth by over 4x, building a strong partner network across industries such as banking, insurance, e-commerce, consumer durables, travel and logistics, among others, it said.

Founded in 2016 by Sourabh Gupta and Akshay Deshraj, Skit has also strengthened its workforce by over 6x since the series A fundraise to about 200 employees.

Sourabh Gupta, CEO and co-founder of Skit said the investment comes at a time when the company is making strategic inroads into the US and South East Asian markets.

“The global contact centre market size is expected to grow steadily and reach a value of USD 496 billion by 2027. To address this sizable growth, we at Skit are using voice bot innovation and our market observations to personalise caller experiences at customer contact centers, and deliver up to 50 per cent cost reduction and superior customer experience,” he added.

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