Ozonetel Raises $5 Mn Series A From Stakeboat Capital The platform aims to utilize this infusion of capital to expand its presence in the US market
By Prabhjeet Bhatla •
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Ozonetel, provider of on-demand cloud communication services, on Wednesday announced to have raised $5 million in Series A funding from Stakeboat Capital, a private equity fund based out of Bengaluru.
The funds will be used to expand the US operations and double headcount in the coming year.
"This is a very important juncture for us to scale our business, and we are particularly looking to grow our footprint in the US. We plan to reach $100 million ARR in the next 4 years. This investment from Stakeboat Capital validates our vision to provide a unified, omnichannel call/contact center experience to enterprises. We have consciously stayed bootstrapped since inception and focused on creating industry-leading tech. We are now thrilled to have an active and supportive investor with us as we take our tech to more global markets," said CSN Murthy, founder, and chief executive officer, Ozonetel.
Ozonetel introduced Contact/Call Centre-as-a-Service (CCaaS) in the India market in 2010 and since then has been providing omnichannel call center services to businesses of all sizes – from large enterprises to startups. Every day more than 100,000 call center agents use Ozonetel's CCaaS platform "CloudAgent' making Ozonetel one of the largest CCaaS players. The company's cloud telephony platform currently handles more than 10 million calls per day. More than 10,000 developers use Ozonetel's Communications Platform-As-A-Service (CPaaS) platform to integrate voice, SMS, WhatsApp and other communication channels into their products, the company claims.
"Ozonetel is a cloud-native company. We have built the complete cloud communication stack, and our API-first products allow businesses to configure their call center services easily. We can bring up a new call center or migrate a legacy on-premise call center solution within hours. In the new normal, when call center agents are working from home, our tried and tested unique approach to CCaaS has proven that enterprises can easily adapt CCaaS and take advantage of cloud technology for their agents and managers without any compromise on security and data privacy. Large enterprises like banks have also placed their trust in Ozonetel's CCaaS," shared Chaitanya Chokkareddy, chief innovation officer, Ozonetel.
COVID has accelerated CCaaS adoption the world over. During the pandemic, Ozonetel witnessed a 100 per cent surge in its business growth and has doubled its customer base over the last 12 months. The company has added clients from various verticals including healthcare, retail, BFSI, education, real estate, and IT. The company has helped enterprises move 15000 of their agents to work-from-home within a span of two weeks.
"The pandemic has changed the way enterprises are approaching their call center operations. With Ozonetel's disruptive CCaaS and CPaaS platforms, businesses will be able to turn call centers into profit centers. This is even more critical in the new remote work environment post-COVID. We are very excited about the possibilities," added Chandrasekar Kandasamy, managing partner, Stakeboat Capital.
Ozonetel entered the US market in 2019 and is making rapid strides having onboarded channel partners and customers. This Series A round will enable the company to grow its sales and marketing teams in the US while continuing to focus on SEA and the Middle East and expanding its presence in India. The company will soon be releasing its AI-driven Unified Channel Experience Management (UCXM) platform for voice and digital channels, empowering businesses to design and deliver consistent customer experience across communication channels.
