Cloud telephony platform Exotel on Wednesday announced that it has received a fresh infusion of about $6 million while revenue-based growth capital firm N+1 Capital has hit the first close of its maiden fund.
A91 Partners, Blume back Exotel
Cloud telephony platform Exotel on Wednesday announced that it has received a fresh infusion of about $6 million (Rs 45 crore) from A91 Partners, Blume Ventures and a panel of angel investors.
The angel investors include Binny Bansal (co-founder of Flipkart), Vikas Choudhury (President of Reliance Jio), Deep Kalra (CEO, MakeMyTrip), Rohan Angrish (head, ICICI Labs engineering) among others. Additionally, Anand Chandrasekaran, former Facebook and Snapdeal product leader, is joining Exotel as an advisor and mentor.
“We are at a $25 million top-line run rate and we continue to grow profitably. We are seeing significant adoption in BFSI, Auto and FMCG industries. I’m looking forward to an exciting growth phase in the year ahead. We are building the best products in communications tech, and we are looking to hire 200+ people in product, engineering and customer-facing roles,” Ishwar Sridharan, COO and co-founder of Exotel, said.
N+1 Capital hits first close of maiden fund
Revenue-based growth capital firm N+1 Capital has hit the first close of its maiden fund, per its announcement on Tuesday. It, however, did not disclose the amount raised.
The fund, which has received approval from the Securities and Exchange Board of India (SEBI) to launch as a Cat-II AIF, has a target corpus of over $100 million.
The fund also announced that it has invested in three startups – logistics automation platform ShypLite, FMCG company Clensta Technologies, and tea company Teamonk Global Foods.
N+1 Capital said it will invest in four to eight firms per quarter, and that it already has a robust pipeline for Q2 FY2022.