LeadSquared, a Bengaluru-based sales automation platform, has raised $32 million (₹240 crore) in Series-B funding led by mid-market focussed private equity firm Gaja Capital, which the company will use for its expansion plans.
The existing investors in the firm – PE firm Stakeboat Capital and serial entrepreneur Jyoti Bansal – also participated in this round. EY was the transaction advisor for the deal, the company said in a statement.
“The funding comes at the right time, and we feel fortunate that our vision to transform sales technology is shared by our investors. We want to take our solutions to newer markets and fuel our global plans into action now. We have seen a step change in interest from North America and South East Asia markets, as customers drive digital transformation in response to the pandemic outbreak,” LeadSquared CEO Nilesh Patel said.
The company plans to utilise the funds for global expansions, product innovation and talent acquisition. In 2019, LeadSquared had raised $3 million in a Series-A round led by Stakeboat Capital.
Founded in 2011 by Nilesh Patel, Prashant Singh, and Sudhakar Gorti, LeadSquared is a sales execution, marketing automation and field force management platform. With more than 1,000 customers globally, LeadSquared’s clientèle includes firms such as BYJU’S, Acko, Amity University, OLX, Dunzo and Practo.
A mid-market focussed private equity firm, Gaja Capital invests in software-driven business services, consumer, education, healthcare and financial services among others. Its recent investments include XpressBees and RBL Bank. A PE fund founded in 2017, Bengaluru-headquartered Stakeboat Capital invests in growth-stage companies.