Work automation startup Squad has raised $2.1 million from a bunch of investors including Blume Ventures, Contrarian Capital, Axilor Ventures among others. The Delhi-based company which also has an office in California plans to use the funds to scale up its technology, product and data teams in India. Other investors who have backed the two year-old venture include 91springboard, Emergent Ventures, Abstract Ventures, Anthill Ventures along with angel investors— Gokul Rajaram, product engineering lead at Square and Shamik Sharma, senior technology advisor at Myntra.
“We are also looking to hire people for the sales department in the US as we want to on-board more large enterprises,” said Apurv Agrawal, founder and CEO of Squad, formerly known as SquadRun. The startup recently expanded its team to 32 people.
The company counts Uber, Sephora, Tata group, Flipkart group, Rocket Internet as its clients. “We turned profitable sometime in September but we wanted to invest ahead of revenue to scale the platform and get strategic investors on board. The fresh funds will help us strengthen our product to serve enterprises better and expand our client base,” Agrawal said. Squad presently has about a dozen large enterprises as its client and is looking to shore up its revenue five-fold by the end of the current fiscal.
The platform primarily automates business processes for enterprises by combining human intelligence and artificial intelligence, helping businesses scale up with speed, accuracy, flexibility and cost reductions.
“We invested in Squad because they have made machine learning practical and powerful for enterprise operations. By efficiently blending human and machine tasks, it is a disruptive platform in the $300 billion business process outsourcing industry,” said Karthik Reddy, managing partner at Blume Ventures.
Squad’s AI powered digital platform which can manage customer workflows at large scale will help global services companies improve responsiveness and bring down costs, said SD Shibulal, co-founder of Axilor Ventures and Infosys.
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