WATI (WhatsApp Team Inbox), a customer and sales engagement tool, has raised $23 million in a Series B round led by marquee venture capitalist Tiger Global, per an announcement.
The round also saw the participation of existing investor Sequoia Capital India & Southeast Asia, besides new investors DST Global Partners, and the Canadian multinational e-commerce company Shopify. This marks Shopify’s first venture investment in a startup operating in the Southeast Asia region.
The company plans to use the Series B funds to ramp up its headcount, enhance its product category, and expand its customer base in India and key markets. India is currently WATI’s single largest individual market, with a third of its customers based out of the country.
WATI, founded in 2020 in Hong Kong, helps companies personalise conversations with their customers using a software that’s built on WhatApp’s Business API.
The company claims to have helped businesses power millions of conversations with thousands of customers across 78 countries so far.
WATI last raised $8.3 million in its Series A round 10 months ago. Following the latest round, its total funding since 2020 stands at over $35 million.
“This year, WATI has grown its remote-first team by 50%, attracting leaders from Twitter and Freshworks,” said Bianca Ho, co-founder, WATI. “Currently, India has the highest number of WATI employees in any single market, across departments. The company plans to increase its India headcount by 30%, in line with the growth of its revenues globally, she added.
Tiger Global’s participation in the round shows how the American investment firm is betting big on companies focusing on the Indian market. While its investments range from Series A to post-IPO rounds, it recently made headlines when it invested in Indian e-commerce enablement startup Shopflo in a $2.6 million seed round, alongside other backers.