LeadSquared, a software-as-a-service (SaaS) platform, said Tuesday it has raised $153 million in a Series C funding round from private equity firm WestBridge Capital and existing investors at a post-money valuation of a little over $1 billion.
With the fresh funding, LeadSquared is looking to invest for expansion in India and North America. The company also plans to enter Asia-Pacific, and Europe, the Middle East, and Africa (EMEA) regions. These expansions could also involve acquisitions besides adding to its headcount, the company said.
LeadSquared was founded by Sudhakar Gorti, Nilesh Patel, Prashant Singh and Anand Kumar. Kumar later quit the firm. The Bengaluru-based startup had last raised a follow-on funding from International Finance Corporation after securing $32 million led by mid-market PE firm Gaja Capital two years ago.
Prior to that, the company had scooped up $3 million in its Series A round that was led by Stakeboat Capital in 2019.
LeadSquared, which competes with the likes of WebEngage and CleverTap, provides sales, marketing and onboarding automation solutions. The company claims to have over 2,000 customers spread across education, healthcare, BFSI, real estate, automotive and hospitality sectors.
The company has a presence across Bengaluru, New Jersey, Philippines, South Africa, Australia and Indonesia.
LeadSquared says its revenue doubled to reach Rs 200 crore for the year ended March 31, 2022. It is looking to break even by 2025.
Sumir Chadha, Co-founder and Managing Director, WestBridge Capital, said, “LeadSquared has shown a remarkable ability to scale and grow efficiently. Its core SaaS metrics are unique and best-in-class in the industry. It has significant potential for growth in the global market.”
WestBridge is an alternative investment firm that was previously focused on private investments in public equities (PIPE). It has transformed into an active startup investor in India of late. However, it has also participated in larger buyout transactions as part of consortiums.