Ozonetel Bags $ 5 Million in a Series A Funding Round
Ozonetel, a provider of on-demand cloud communication services based in Hyderabad and San Francisco, has raised $5 million in a Series A round from Stakeboat Capital, a Bengaluru-based private equity firm.
The funds will be used to grow the company's activities in the US and increase its personnel in the coming year.
Stakeboat Capital, a Bengaluru-based private equity company, donated $5 million to Ozonetel's first Series A financing round in 14 years.
This Series A round will allow the company to expand its sales and marketing teams in the US while maintaining a focus on Southeast Asia and the Middle East, as well as extending its footprint in India.
Ozonetel offers contact/call center-as-a-service (CCaaS) to startups and enterprises, allowing 100,000 call centre agents to manage over 10 million calls each day. Over 10,000 developers utilize its platform to incorporate voice, SMS, WhatsApp, and other communication channels into their applications.
CSN Murthy, Founder and CEO, Ozonetel says that "this is a really crucial moment for us to build our business, and we are particularly seeking to grow our footprint in the US. In the next four years, we want to exceed $100 million in ARR.
COVID-19 has pushed the global deployment of CCaaS. Ozonetel claims to have had a 100 percent increase in business during the epidemic and has increased its customer base in the last year.
It has clients in a variety of industries, including healthcare, retail, BFSI, education, real estate, and information technology. In just two weeks, the firm assisted businesses in transitioning 15,000 of their agents to a work-from-home environment.
In 2019, Ozonetel entered the US market, bringing with it channel partners and customers. The company is now working on an AI-powered Unified Channel Experience Management (UCXM) platform for phone and digital channels. Businesses will be able to create and offer a consistent customer experience across all communication channels as a result of this.
The startup said that its cloud telephony technology handles more than 10 million calls every day. Ozonetel's CPaaS (Communications Platform-as-a-Service) platform is used by over 10,000 developers to integrate voice, SMS, WhatsApp, and other communication channels into their applications, according to the company.
"The pandemic has transformed the way organizations approach their call center operations. Businesses will be able to turn call centers into profit centers with Ozonetel's revolutionary CCaaS and CPaaS technologies. This is much more important in the post-COVID-19 remote work world. The possibilities excite us tremendously”, states Chandrasekar Kandasamy, Managing Partner at Stakeboat Capital.
Commenting on the current funding, CSN Murthy, Founder and CEO, Ozonetel says that "this is a really crucial moment for us to build our business, and we are particularly seeking to grow our footprint in the US. In the next four years, we want to exceed $100 million in ARR. Stakeboat Capital's investment validates our ambition of providing organizations with a single, omnichannel call/contact center experience”.