Knowlarity Communications, India-based virtual telephony service, is reportedly planning to raise a fresh funding of $40 million. According to a Mint report, the firm wants to expand its operations in new, overseas markets. It is also looking to strengthen its technology through small acquisitions.
The report cited two people familiar with the developments who revealed that Knowlarity was in the market to raise its largest funding round till date. One of the persons said,
They are looking at raising up to $40 million in this round. A large part of the new round will be funded by its existing investors Sequoia and Mayfield.
He also added that the company has talked with a new investor — Sapphire Ventures — as well. Sapphire(previously known as SAP Ventures) is the venture capital funding arm of German software giant SAP SE.
Knowlarity was founded in 2009 and raised 34 crores from Sequoia Capital in 2012. The last funding round was two years ago when it had raised $16 million from Sequoia and Mayfield Advisors.
The firm offers IVR (Interactive Voice Response) solutions to enterprises particularly SMEs and SMBs. Through its wide range and offerings, it provides engagement solutions to local businesses, including restaurants, cafes, cinemas, salons and retail outlets.
One of the most popular products of Knowlarity is the SuperReceptionist app. The app is a virtual business receptionist that can handle phone queries, track leads and view call records. It keeps a track of the entire business communication system.
Now based in Singapore, Knowlarity has offices in Gurgaon, Bengaluru, and Mumbai. It claims to have a client base of 500 large enterprises and 12,000 SME clients in more than 65 countries.
One of the persons mentioned above revealed that the company recently expanded its services in Middle East and looking for more.
A bulk of their business comes from Indian firms, but it is a competitive market, with small ticket sizes and also there are regulatory challenges. They have been pushing for expanding business overseas in markets such as Asia-Pacific and West Asia,
the person said.
The company has also made significant acquisitions of smaller firms to strengthen its technology. This year, it acquired a customer engagement platform called Smartwards. In 2014, it had acquired its rival startup in the same sector called Unicom Techlabs.