Bengaluru-based software firm LeadSquared has raised $32 million funding in its Series B round led by private equity firm Gaja Capital. The round also saw participation from existing investors Stakeboat Capital and serial entrepreneur Jyoti Bansal.
The sales automation platform is one of the few Indian software-as-a-service (SaaS) firms focusing on the local market which have been able to scale top line. Currently, the firm claims that it is managing double its revenues on a year-on-year (YoY) basis and expects similar revenue growth for other markets such as US, Southeast Asia, Africa and Latin America in the coming years.
“We’re definitely getting into new markets. We already have a presence in the US, but we also want to strengthen our position in India, to be a significant player with a double-digit market share,” said Nilesh Patel, CEO of LeadSquared. The firm is also building a channel business and selectively looking to acquire companies, he added.
The Bengaluru-based startup earns the majority of its revenue from Indian market, but started witnessing sustainable growth from overseas market as well such as the US. LeadSquared has planned to utilise the proceeds for expanding globally and potential mergers and acquisitions to strengthen its offerings.