SaaS company LeadSquared turns unicorn after raising funding of $153 million from WestBridge Capital

• ByStartupStory     |    June 21, 2022

LeadSquared, a sales and marketing automation platform has secured $153 million in a capital round headed by WestBridge Capital. According to founder and CEO Nilesh Patel, the fundraising values the company at $1 billion, making it the newest software-as-a-service (SaaS) startup to enter the unicorn club.

The Bengaluru and Silicon Valley-based firm, founded in 2011 by Patel, Prashant Singh, and Sudhakar Gorti, provides sales and marketing automation software to organisations, assisting them with lead management and analytics, among other things. Its platform is used by over 1,000 companies, including Byju’s, Dunzo, Kotak Securities, Vedantu, Acko, and Practo.

Nilesh Patel, LeadSquared’s founder and CEO, said, “With this funding, we will double down on expansion initiatives in India and North America, begin construction in APAC (Asia-Pacific) and EMEA (Europe, Middle East, and Africa), expand our product line, and fund acquisitions.” And also stated, “We want to treble our personnel in the next 18 months to support our growth.”

LeadSquared’s overall revenue for the fiscal year ending March 2022 more than quadrupled to roughly Rs 200 crore, up from Rs 100 crore in FY21. The Bengaluru-based firm, which has been around for a decade, helps over 2,000 organisations enhance their marketing, contact centre, inside sales, field sales, and other foot-on-the-street teams, such as verifications, collections, and vendor onboarding.

Sumir Chadha, co-founder and managing director of WestBridge Capital, said, “LeadSquared has demonstrated a tremendous capacity to develop and grow in a cost-effective manner. Its focus on establishing a platform that transforms sales processes through automation has considerable potential for development in the worldwide market.”

LeadSquared has operations in the United States, the Philippines, South Africa, Australia, and Indonesia, in addition to India. For the Series C investment, Barclays served as the only placement agency. Byju’s, Amity University, OLX, Dunzo, Practo, Poonawalla Fincorp, Godrej Housing Finance, and Angel One are among its clients.

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