Sales acceleration startup SquadStack raises Rs 140Cr led by Bertelsmann, others
Noida-based sales acceleration startup SquadStack has raised Rs 140 crore (approx. $17.6 million) in a Series B funding round led by Bertelsmann India Investments, along with the participation from existing investors Chiratae Ventures and Blume Ventures.
Founded by Apurv Agrawal, Kanika Jain, Vikas Gulati, and Rishabh Ladha, SquadStack is a Saas-Enabled Talent Marketplace for sales that partners with existing sales talent and homemakers, allowing them to work from anywhere with the help of a smartphone.
The startup helps consumer businesses that sell high-ticket products and services across various market segments (Brokerage, Lending, Insurance, E-Commerce & Edtech etc.) to improve their sales conversions and funnel efficiency.
With this round of funding, It plans to onboard top talents, boost sales expert base and expand into new verticals. Prior to the current round, SquadStack had raised $5 million in a Series A round in September 2020, co-led by Chiratae and Blume Ventures.
Over 70 lakh telesales agents sell loans, credit cards, insurance, education, health and wellness products, and services to 20 crore Indians daily. However, the current infrastructure in place lacks innovation, and all the stakeholders involved are discontent.
SquadStack said it integrates three core layers of innovation to manage the sales ecosystem for consumer businesses: decentralisation to access top sales talent, tools to manage sales experts, and a campaign management platform for businesses.
“We’re working towards revolutionizing the ₹80,000 crore Indian telesales industry that lacks innovation. Our combined solution of technology and human expertise solves a negative ROI problem for businesses and financially uplifts sales talent across the country. We believe that In the long run, people are greater than products and profit. We’re excited to leverage this capital to expand our team.” – Apurv Agrawal, CEO & Co-Founder, SquadStack.
Speaking on the investment, Rohit Sood, Partner at Bertelsmann India Investments, said, “We have a strong bullish thesis on ‘future of work’ and SquadStack fits strongly in that as their technology provides ownership and flexibility to the large, diverse and distributed sales talent in the country.”
“We instantly formed a connection with the founding team as we have strong convictions in their data and product driven approach to this complex problem. We are excited to partner them in this journey to transform the sales outsourcing landscape,” said Rohit.