Noida-based SaaS-enabled talent marketplace SquadStack has raised INR 140 crore in a Series B round led by Bertelsmann India Investments along with existing investors Chiratae Ventures and Blume Ventures.
The startup combines data science, artificial intelligence and a decentralized network of sales experts to help consumer businesses scale with better conversions.
SquadStack will use this fresh infusion of funds to hire top talent to bolster its team for expansion. It also plans to increase its sales expert base and expand into new verticals.
Founded in 2017, SquadStack began with a vision to provide access to skilled work to anyone, anywhere. Since the outbreak of the pandemic, remote work and variability in the cost structure have emerged as key trends in the market. SquadStack works with sales talent and do-it-yourselfers, allowing them to work from anywhere with the help of a smartphone.
SquadStack integrates three core layers of innovation to manage the sales ecosystem for consumer businesses – decentralization to access the best sales talent, AI-based tools to manage the entire sales expert lifecycle, and an enterprise multi-channel campaign management platform.
Apurv Agrawal, Co-Founder and CEO of SquadStack, said, “We are working to revolutionize India’s Rs 80,000 crore telesales industry, which lacks innovation. Our combined technology and human expertise solution solves the negative ROI problem for businesses and financially elevates sales talent across the country. We want to significantly expand our team. We believe that in the long run, great products and profit are a byproduct of a great team and work culture.”
Rohit Sood, Partner at Bertelsmann India Investments, said, “We have a strong bullish thesis on the ‘future of work’ and SquadStack fits in strongly as their technology provides ownership and flexibility to the country’s large, diverse and distributed sales talent. We immediately connected with the founding team because we strongly believe in their approach to this complex data and product-driven problem. We are excited to partner with them on this journey to transform the sales outsourcing landscape.”
Venkatesh Peddi, Managing Director of Chiratae Ventures, said, “SquadStack is solving massive and persistent problems in the sales industry. With productive sales services to address the challenges of a fragmented offering, SquadStack technology is truly revolutionizing the industry.”
According to the startup, more than 70,000 telesales representatives sell loans, credit cards, insurance, education, health and wellness products, and services to 20 million Indians daily.
However, over the decades, the telesales market has not seen adequate disruptive innovation for most stakeholders in the ecosystem. These include businesses struggling to retain sales talent, telesales representatives and end consumers.