SUMMARY
- Convin has secured $6.5 million or Rs 54.5 crore in its Series A funding round, co-led by India Quotient and JSW Ventures.
- Existing investors, including Kalaari Capital, Titan Capital Winners Fund, Sparrow Capital, and 100 Unicorns also participated in the round.
- With this infusion of capital, Convin plans to expand its team and distribution channels.
Convin, an AI-powered platform designed for virtual assisted selling solutions for businesses, has successfully secured $6.5 million or Rs 54.5 crore in its Series A funding round, co-led by India Quotient and JSW Ventures.
Existing investors, including Kalaari Capital, Titan Capital Winners Fund, Sparrow Capital, and 100 Unicorns also participated in the round.
With this infusion of capital, Convin plans to expand its team and distribution channels.
Established in 2021 by IIT Delhi alumni Ashish Santhalia, Bharat Patidar, Atul Shree, and Durgesh Choudary, Convin is empowering businesses to enhance customer interactions through advanced conversational intelligence.
Convin’s Conversation Intelligence technology is designed to improve agent performance, enhance the customer experience, and boost conversion rates through the use of in-house developed Large Language Models (LLMs), supporting over 35 languages, including 23 Indian languages.
The company has reported a threefold growth over the past year, serving over 80 clients across major brands such as Reliance Nippon, Puravankara, Titan, Thyrocare, and Lazypay.
Convin competes with a select few competitors including both Indian and overseas such as Veerlop.ai, Zendesk, and Dialpad, among others.
With this funding, the Bengaluru-based company aims to expand its customer base by 200%, with a target of achieving threefold revenue growth in the financial year 2024-25.
Santhalia’s stametemnt confirms the same, “With more resources we’ll focus on accelerating our growth trajectory, driving innovation in conversation intelligence and expanding our footprint across India and Southeast Asia.”
The enterprise market in India has been attracting significant interest from investors for some time.
For example, in April, a Hyderabad-based enterprise technology startup, Runo, secured $1.5 million in a Pre-Series A funding round from Unicorn India Ventures and Callapina Capital.
In March, enterprise technology startup IDfy secured $27 million in a Series E funding round led by growth stage venture capital fund Elev8, with contributions from KB Investment and Tenacity Ventures.
Notably, Indian technology startups in the enterprise technology sector experienced a 68% decline in funding to $1.3 billion in 2023 from $4 billion in 2022.
