Conversational AI startup Yellow Messenger has recently raised $20 million in Series B funding led by Lightspeed Venture Partners and Lightspeed India Partners.
Bangalore-based Yellow Messenger has developed this conversational AI platform which is currently being used by companies including Accenture, Flipkart and Grab to communicate with employees and customers. The funds will be used by Yellow Messenger to expand globally and strengthen its multilingual voice bot.
According to Raghu Ravinutala, CEO and co-founder, Yellow Messenger, this investment will help the startup to scale its operations to Europe, US and Latin America, and also deepen their technology platform.
Last year the company was funded $4 million as a series A funding and the company has been growing bookings 5x YOY since 2017. Yellow Messenger is currently working with 125 enterprise customers globally.
The company provides multilingual chatbots in more than 100 languages which businesses can deploy across various customer and employee communication channels like Slack, Teams and WhatsApp.
According to the startup, the fresh funding will also be used to expand enterprise integrations and partnerships and to launch a developer marketplace for virtual assistants.
When asked by their venture partners, Amy Wu, Partner at Lightspeed, said, “We anticipate demand for the company’s platform to accelerate as consumer expectations of real-time conversations with their brands deepen.
The company currently processes 30 million conversations every month for several customers and also has go-to-market partnerships with Microsoft, TCS, WhatsApp and Facebook, among others.
According to Dev Khare, Partner at Lightspeed India Partners, one in every three companies globally is implementing conversational AI and chatbots.
“We have seen how the company has taken advantage of this market pull with its rapid time-to-value, transactional platform and multi-language support for global rollouts,” concluded Khare.