Apollo to invest Rs 232 crore in India over the next two years
- ByStartupStory | May 20, 2022
Apollo is expected to invest Rs 232 crore in India over the course of the next two years. The company revealed its offline space in India near Bengaluru to accommodate its R&D teams as a part of its recent Series C funding in which it raised Rs 852 crore led by Sequoia Capital. In the future months, the firm will also hire nearly 100 research and development engineers.
Apollo was founded by Tim Zheng, Roy Chung and Ray Li in 2015 with the goal of helping professionals automate their sales processes and scale up their revenue. Tim Zheng, the CEO and co-founder of the company said that with the latest funding round, the company will be able to expand its footprint in India with the first R&D office. The company is also looking forward to enhancing the India team as it will play a pivotal role in business growth and advancement.
He also said that although the company had built a great product it was difficult to increase the customer base and was stuck at around 5,000 users After which it strategised to build its own sales prospecting tool which led to the addition of 1,45,000 users within 5 weeks. He also shared that he ended up having a million users at BrainGenie before he started Apollo, as a result of which Apollo.io was born. Apollo now claims to have 16,000 worldwide clients.
Apollo has raised $32 million in a Series B round led by Tribe Capital in November 2021 with New View Capital along with its current investors Nexus Venture Partners also taking part. The startup claims to have grown up its user base by 200% in 12 months and remained profitable for over 18 months after the fundraising with a vision to provide customers with the most powerful and intelligent GTM platform.
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