SquadStack forecasts 10x growth in the user base of its sales acceleration platform SquadIQ over the next two years
San Francisco and New Delhi-based sales tech startup SquadStack has raised US$5 million in its Series A funding round led by tech venture capital firm Chiratae Ventures, formerly IDG Ventures India, SquadStack announced in a press release yesterday.
The round also saw participation from existing investor Blume Ventures, the statement noted. The fresh capital injection brings SquadStack’s total capital raise to $12.5 million, according to a report by Entrackr.
The startup will utilize the fresh capital to accelerate its product growth and expand its technical team in the U.S. and India, the statement added.
SquadStack had previously raised $2.1 million from Contrarian Capital, 91springboard, Emergent Ventures, Abstract Ventures, Anthill Ventures, and Axilor Ventures in 2017, according to a YourStory report.
Founded in 2014, SquadStack’s software-as-a-service platform helps improve sales conversions and increase efficiency in the sales process for businesses that sell high-ticket products and services across industries like real estate, financial services, education, healthcare, and retail, according to the statement.
“In today’s competitive business environment, organizations need a sales acceleration platform and analytics throughout the sales cycle,” Chiratae Ventures Executive Director Venkatesh Peddi said. “SquadStack is helping consumer companies across industries solve the principle challenge to turn prospects into customers faster and more profitably.”
SquadStack launched its sales acceleration platform SquadVoice, now SquadIQ, in the Indian market in 2018. The startup claims that SquadIQ has helped drive improvement of five to ten times in funnel efficiency metrics in companies using a combination of data science, cloud infrastructure, and a distributed workforce.
SquadIQ’s customers include Indian companies like SoftBank-backed logistics unicorn Delhivery, home rental startup NestAway, consumer lending platform ZestMoney, foodtech unicorn Zomato, U.S. retail giant Walmart Group, media conglomerate The Times Group, and Indian multinational conglomerate Tata Group.
The startup forecasts 10x growth in SquadIQ’s customer base over the next two years, as increasing sales efficiency becomes imperative for business sustenance.
Although SquadStack serves both the Indian and the U.S. markets, its product offerings are tailored as per market requirements, the statement noted.
SquadStack had launched a similar variant of SquadIQ in the U.S. real estate market in 2019. However, amidst the initial market downturn triggered by the global pandemic, sales executives approached the startup for a software to maximize profitability and team performance, which led to the launch of its new offering ‘Auctm,’ the statement noted.
Auctm is a business management platform that helps boost revenues, cut costs, and improve agent training and retention by applying the core principles of data-driven sales acceleration, the press release stated.
“We’ve worked across industries because lead qualification and conversion is a challenge for every company irrespective of their industry or niche,” SquadIQ General Manager Saswata Shankar De said.
“Sales tech innovation that’s happened on the B2B side is just as important in the B2C world but hasn’t quite reached there yet. SquadIQ wants to be the tech platform of choice for sales and fulfilment teams,” he added.
Header image by Campaign Creators on Unsplash
