Customer engagement platform Exotel has raised $40 million in Series D funding round from Steadview Capital.

Exotel has raised a total of $100 million in the last 15 months across multiple debt and equity rounds. The company will use the fresh funds to invest more in the Middle East and Southeast Asia markets for potential acquisitions that can add more omnichannel and full-stack capabilities to the platform and enable its growth.


Exotel has reported an annualised recurring revenue (ARR) of $50 million and aims to hit an ARR of $200 million over the next four years. It claims to have acquired more than 1,300 customers in the last 12 months including ITC Salaam in Saudi Arabia, Bajaj Allianz, City Mall, Krazybee, Shadowfax, and TCS.

"Enterprises want to unify their customer journeys to deliver connected experiences across touchpoints like web chat, co-browsing, video, etc., This involves bringing together disconnected channels, bots, applications with siloed customer data across teams. For the first time, we are enabling this over the cloud with our full-stack platform," said Shivakumar Ganesan (Shivku), CEO and Co-founder of Exotel.

Adding to this, Ravi Mehta, CIO and Founder of Steadview Capital said, “Customer engagement is critical to businesses across India, APAC, and EMEA, especially in light of the ongoing impact of the pandemic. Exotel has grown rapidly to emerge as the clear category leader for solving such problems, enabling its customers to more easily communicate with consumers across engagement channels.”

Currently, Exotel has a team size of about 1,000 and is targeting to increase the headcount by 200 by the end of 2022. Last year, Exotel merged with Ameyo, a contact centre platform in June and acquired Cogno AI, a conversational AI platform in November.