Yellow.ai, a customer experience (CX) automation platform, on Wednesday said it has raised USD 78.15 million (about Rs 579.3 crore) in funding, led by WestBridge Capital along with Sapphire Ventures, and Salesforce Ventures. Lightspeed Venture Partners also participated in the Series C round, and the total funding raised till date stands at USD 102.15 million, a statement said.
Yellow.ai enables enterprises to leverage its proprietary NLP (natural language processing) engine and platform to build chatbots and voice bots, in over 100 languages across 35 channels that automate functions like customer support, conversational commerce, and employee experience. Since its prior funding round, Yellow.ai has grown 470 per cent in recurring revenue and secured hundreds of new customers, the statement said.
The company has broken out of the crowded virtual-assistant market with its automation-first with a human-assist model, to deliver a higher customer satisfaction and incremental revenue growth to its enterprise clients, Yellow.ai Chief Executive Officer and co-founder Raghu Ravinutala said.
“With our rapid client and revenue expansion in India and across the world, we’re geared to becoming the global leader in the CX Automation space and are bullish on building our product, partnerships, teams, and community to truly democratize AI in the near future, he added. Yellow.ai will add 70 employees to its over 500 global headcounts, as per the statement.
With the fresh infusion of capital, Yellow.ai will deepen investments towards global expansion by hiring top talent across regions and applied R&D in hyper-automation. Yellow.ai has worked with brands like Domino’s, Hyundai, MG Motors, Swiggy, Bajaj Finserv, Bharat Petroleum, and Tata Capital.