Verloop Raises $3 Mn To Ramp Up Customer Engagement Platform

Verloop, a Bengaluru based startup that offers artificial intelligence powered customer engagement solutions, has raised $3 million from a series of investors led by IDFC Parampara Fund.

The other Co-investors in this round included Kris Gopalakrishnan – Infosys Co-founder and Dr Ranjan Pai – Chairman of the Manipal Education and Medical Group (MEMG).

The startup sais the funding will be utilized to enhance the Verloop customer engagement platform as the company expands its team and scales operations to address the global market for automated customer services . According to some research reports, the said market is valued at $ 19 billion annually.

“Our conversational automation platform already works with more than 5000 clients across eCommerce, Healthcare, Education, Entertainment & Lifestyle sectors across 37 countries. This investment is a striking endorsement from some of the savviest and most well-known names in start-up and tech ecosystem and comes at a time when we are continuing to hire top talent and build further traction for the business,” said Gaurav Singh, the 28-year old Founder & CEO of Verloop.

“People are seeking out a conversational experience with brands and Verloop helps organizations do this at scale. Over the last several months we’ve undertaken an intricate assessment of the Verloop platform, its architecture and the product roadmap. We were very impressed at the way the team has built Verloop and are delighted to partner with Gaurav and his team. The use-cases they’ve built are very interesting and there is great potential for the product to verticalize and mine the potential for automated customer engagement across industries, across countries and across languages,” said Jatin Desai, General Partner, IDFC-Parampara.

Kris Gopalakrishnan, Co-Founder, Infosys, said: “We are seeing a massive behavioural shift with people demanding personalized and conversational brand experiences. Large, growing organizations and celebrity brands will be hard pressed to meet this requirement profitably and at-scale as interactions run into multiple millions. This is where ML (machine learning) technology coupled with human ingenuity comes in and can help harvest the potential in these interactions. Verloop has built an easily scalable model to target a huge addressable market.”

Verloop is promoted by GrowthStory, the venture-builder platform founded by serial entrepreneurs K Ganesh and Meena Ganesh.

Verloop solution is used in Marketing & Sales (Lead Gen qualification, conversational campaigns, upsell and cross-sell etc), Customer Support (automated helpdesk, personalized onboarding of customers etc) and Celebrity Brand Management (persona management, engaging with fans, pre- and post- launch etc).

Some of the major customers of Verloop include Nykaa, Qtrove, Pipa Bella, Portea, Apollo Munich Health Insurance and Aadhaar Bridge.

The platform, the company said, has also been used by some of the biggest stars in Indian entertainment including Rajinikanth for his movie Kaala.

Verloop.io is a language-agnostic platform that already supports 7 Indian languages including Hindi, English, Tamil, Telugu, Kannada, Marathi, Bengali and Hinglish. In addition, the company has developed a new messaging protocol and a patent-pending technology for bot to human handoff of conversations when it detects that the conversation can be better served by a human chat rep.

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