Voice AI company Skit announced that it has raised $ 23 million in Series B round led by WestBridge Capital. The round also saw participation from Kalaari Capital and Exfinity Ventures, Angelist syndicate led by Aaryaman Vir Shah from Prophetic Ventures and Letsventure syndicate led by Sense AI.
The startup will use these funds to fuel its growth and product evolution by investing in sales & marketing, building delivery capabilities, R&D to speed up innovation and global expansion.
The company formerly known as Vernacular.ai, in may 2020 has raised $5.1 million in series A round led by Exfinity Ventures and Kalaari Capital, AngelList, along with IAN Fund and LetsVenture. The latest infusion of total funding raised by the company turned out to be $ 30 million.
Established in 2016 by Sourabh Gupta, Akshay Deshraj and Manoj Sarda, the start-up offers AI-first SaaS voice automation solutions to enable enterprises to automate their call centre operations.
The start-up’s main product Vernacular Intelligent Voice Assistant (VIVA), can presently respond to over 16 languages, covering 160+ dialects. Some of its clients include Axis Bank, Hathway, Porter, and Barbeque Nation, among others.
Gupta said, “This investment comes when we are making strategic inroads into the US and South-East Asian markets. Clients and investors alike have recognised the uniqueness and superiority of our product and continue to show confidence in our growth path,”.
“The global contact centre market size is expected to grow steadily and reach a value of $496 Bn by 2027. To address this sizable growth, we are using voice bot innovation and our market observations to personalise caller experiences at customer contact centres, and deliver up to 50% cost reduction and superior customer experience,”.
The startup aims to double its size and scale operations in both Indian and global markets.
As per a few report’s, the conversational AI market will hit the $ 15 Bn mark by 2025. Growth will be enhanced by the growing consumer choice in AI-enabled customer service, increased ROI in AI-enabled conversational solutions, and an increase in the number of providers in the market.
Skit competes with unicorn Gupshup, Reliance-owned Haptik, Verloop, Yellow.ai and others, plans to address the over $300 Bn voice customer service market globally with VIVA.
The start-up has also seen an increase in revenue and customer growth by more than 4times last year and built a strong network of partners in industries such as banking, insurance, e-commerce, consumer durables, travel and logistics, among others.