CometChat secures Rs 40 crore in Venture Debt funding to scale product offerings and expand data centers in APAC region
- ByStartupStory | April 3, 2023
CometChat, a platform for user engagement, has raised Rs 40 crore in a Venture Debt round spearheaded by Zions Venture Fund of Utah. The money raised will go towards expanding its product offerings, enhancing its presence in Europe, and significantly growing its APAC data center footprint. Additionally, this will help CometChat maintain its leadership position as it continues to provide enterprise customers with mission-critical real-time engagement infrastructure.
In addition to Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures, CometChat has raised more than 145 crores of rupees to date.
Anuj Garg and Anant Garg, twin brothers, founded CometChat in 2019, with offices in Denver and Mumbai. The CpaaS startup collaborates with leading international companies by offering them a complete messaging and communications platform within apps and websites to increase user engagement with the brand. Users can engage in real-time conversation through messaging, voice calls, and HD video chat. The software fosters user-to-user interaction for a growing customer base through its robust offering. It saves businesses hundreds of developer hours and the associated costs that would otherwise be incurred in creating this technology from scratch.
Anuj Garg, Co-founder and CEO, CometChat, says, “We are a revenue-focused business continuously growing in large international markets. Thus, our business fundamentals and strong balance sheet have enabled us to raise this round, as we are in a comfortable position to service the debt. We aim to raise capital for an extended runway of 5 years as we put our growth plans in the fast lane.”
CometChat’s customer base has significantly increased in the past year, and product usage has increased by 300%. With its B2D (Business to the Developer) strategy, the Company has handled over 800 million connections. Numerous honours have been bestowed upon the Company, including “Best Estimated ROI” by G2 and “Established Product” at the 30th Annual HYSEA Summit.
Sam Clark, MD, Zions Venture Fund, says, “Zions is thrilled to partner with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Enthrilled to be a part of the journey and support the Company through its growth phases.”
CometChat is dominant in the North American region and fosters growth by entering new markets with its developer-first strategy. In addition to having solid offerings like Open Sourced UI Kits, SDKs and APIs, and Widgets, the startup has recently integrated with ChatGPT, a chatbot with a sizable language model.
CometChat, which is currently working with industries like marketplaces, community apps, telehealth applications, ed-tech, as well as any internal messaging or enterprise system, is rapidly establishing itself as a reliable communication platform on a global scale.
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