LeadSquared raises $153M at a $1B valuation to streamline companies’ sales efforts
LeadSquared today announced that it has raised $153 million in funding to grow adoption of its namesake software platform, which helps more than 2,000 businesses manage their sales efforts.
WestBridge Capital led the round with participation from several existing investors. LeadSquared, which is incorporated as MarketXpander Services Pvt Ltd., is now valued at $1 billion.
Bangalore-based LeadSquared provides a platform that companies can use to orchestrate their sales activities. The platform functions as a customer relationship management system, allowing businesses to store sales opportunity data in a centralized repository for easy access. It also provides an array of other features to streamline the customer acquisition workflow.
The startup’s platform helps sales teams identify business opportunities with the highest potential contribution to revenue and prioritize them. Managers can coordinate the process flow through a centralized interface. According to LeadSquared, its platform allows managers to assign each sales opportunity to the representative best equipped to close the deal.
The company says consolidating key elements of the customer acquisition workflow on a single platform provides several benefits. Using a single platform is theoretically more convenient than deploying multiple disparate tools, making it easier for sales teams to work. Additionally, organizing deal data in a centralized system makes it easier for developers to access the data and use it to create automation workflows.
LeadSquared’s focus also extends beyond the sales software segment. As part of its platform, the startup offers features that companies can use to increase the effectiveness of their marketing campaigns.
The platform detects opportune times to promote a product, such as when customers visit the product pricing page on a company’s website. Marketers may use this information to provide personalized promotions to users. To help marketing teams measure the effectiveness of the promotional campaigns they manage using its platform, the company offers a set of pre-packaged analytics features.
LeadSquared doubled its revenue in the 12 months to March to $25.6 million, according to Tech Crunch. The startup will use the $153 million funding round announced today to expand its international presence, build new features, and acquire other startups. It plans to double its staff over the next 18 months to support the effort.
“LeadSquared has demonstrated a remarkable ability to scale and scale effectively,” said WestBridge Capital Co-Founder and Managing Director Sumir Chadha. “Its core SaaS metrics are unique and best-in-class in the industry.”
LeadSquared’s plan to continue its revenue momentum may involve expanding its product portfolio with more cloud services. The startup recently launched a new tool called Ace that helps businesses monitor the effectiveness of their sales efforts. It also provides a product for building web portals which LeadSquared says not only lends itself to sales and marketing use cases, but can also other tasks such as handling support requests.
The acquisitions the startup plans to make following its latest funding round could help accelerate its product roadmap. Often, acquiring a company with an established product offers a faster way to expand into a new market segment than building the necessary software capabilities in-house.