India's LeadSquared raises $153m Series C

Gaja Capital, which led a USD 32m Series B in late 2020, also took part. Local investor Stakeboat Capital led a USD 3m Series A in 2019 and re-upped in the Series B. Early investors also include Jyoti Bansal, founder of IT analytics company AppDynamics.

LeadSquared’s core services focus on marketing automation and customer relationship building, including efficiency improvements in various sales touchpoints. It has roughly doubled its number of customers since the Series B to around 2,000 companies across financial services, healthcare, and technology.

The company has a local presence in the US, the Philippines, South Africa, Australia, and Indonesia as well as clients in some 40 countries, but 90% of revenue is still said to be generated out of India. Revenue for the financial year ending in March came to USD 25.6m, about double the prior year, according to TechCrunch, which cited CEO Nilesh Patel.

“With this financing, we will double down on growth investments in India and North America, start building in [Asia Pacific] and EMEA [Europe, the Middle East and Africa], add new offerings to our product portfolio and fund acquisitions. To support our growth, we plan to double our headcount in the next 18 months,” Patel added.

Indian enterprise SaaS companies building for global markets have proven a fertile theme for private equity, driven by a combination of a strong domestic talent base accelerated by global adoption of cloud-based systems post-pandemic. Bain & Company estimates that Indian SaaS will generate USD 18bn-USD 20bn in annual recurring revenue this year for a global market share of 7-9%. This compares to USD 5bn-USD 6bn, or 3-4%, in 2019.

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• Topics
• South Asia
• Technology
• Expansion
• India
• WestBridge Capital Partners
• Gaja Capital Partners
• enterprise software