LeadSquared turns unicorn with USD 153 mn fundraise from WestBridge Capital

Sales automation SaaS platform LeadSquared has turned unicorn with a fresh fundraise of USD 153 million (around Rs 1,194 crore) from WestBridge Capital in a Series C round, the company said on Tuesday.

The company plans to use the fund for product development, expanding operations, doubling headcount and inorganic expansion, LeadSquared CEO and founder Nilesh Patel said.

"With this financing, we will double down on growth investments in India and North America, start building in APAC and EMEA, add new offerings to our product portfolio, and fund acquisitions. To support our growth, we plan to double our headcount in the next 18 months," Patel said.

He said that the fundraise has taken place at an enterprise valuation of USD 1 billion.

LeadSquared has built a global CRM (Customer Relationship Management) platform that takes away the guesswork from sales execution and makes efficiency the focus of every customer interaction.

The company claims to have more than 2,000 customers, including high-growth organisations from edtech, higher education, financial services, healthcare, marketplaces, etc.

"Our revenue doubled to Rs 200 crore in the financial year 2022 from about Rs 100 crore in 2020-21. Now we are looking to increase our revenue to about Rs 400 crore in the next five years. We have 1,200 employees at present which we will double in the next 18 months," Patel said.

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He further said that the company will use the fund to acquire a solution that matches its product mix.

"LeadSquared has shown a remarkable ability to scale and grow efficiently. Its core SaaS metrics are unique and best-in-class in the industry. Its focus on building an easy-to-use platform that transforms sales processes through automation delivering unparalleled efficiency, has significant potential for growth in the global market. Future of LeadSquared is very exciting to us and we look forward to a long partnership with the company," WestBridge Capital co-founder and managing director Sumir Chadha said.

LeadSquared had previously raised USD 32 million led by Gaja Capital in 2020, and USD 3 million during its Series A led by Stakeboat Capital in 2019.

"With this round, the company has the balance sheet strength to further invest for growth in India as well as international markets, especially the US. We look forward to LeadSquared being the engine of growth for ambitious companies in India and around the world," Gaja Capital managing partner Gopal Jain said. PTI PRS