SaaS Labs, which builds business automation tools for sales and support teams worldwide, has raised USD 42 million (about Rs 312 crore) in a funding round led by Sequoia Capital India. The Series B funding round also saw participation from existing investors — Base 10 Partners and Eight Roads Ventures, the company said on Thursday.
The company also announced its entry in the European market by acquiring Poland-based CallPage, a call-back automation tool and France-based Atolia which provides productivity, communication and collaboration workspace tools. The funding round of the company also saw participation from prominent Silicon Valley angel investors such as Amit Agarwal, Allison Pickens, Anand Chandrasekaran, and Michael Stoppelman.
“Excited to partner with Sequoia Capital India to accelerate our growth. While we are well-capitalized, this round gives us the firepower needed to double down on what’s working, hire great talent globally, launch innovative products, focus on brand marketing and get aggressive with strategic mergers and acquisitions,” SaaS Labs founder and CEO Gaurav Sharma said.
The company plans to use the funds raised on research and development, to develop new products for its global users, as well as to scale newly-launched products, the statement said. Talking about the foray in Europe, SaaS Labs said that the acquisitions will enable it to unlock product synergies through integration while the two companies benefit from the exposure to SaaS Labs’ global customer base. “Their teams will join SaaS Labs as full-time employees,” the statement said.
Founded in 2016, SaaS Labs claims to have more than 6,000 global customers which includes companies like GoStudent, Booksy, HelloFresh, Grab etc. “The company has seen a 2.5 times growth in revenues primarily through organic channels in 2021. Over the next six to 12 months, the company will continue to look for acquisition opportunities in the space,” the statement said.