SaaS company LeadSquared turns unicorn with $153 Mn Series C round

LeadSquared, a software as a service (SaaS) platform, has raised $153 million in Series C funding round from WestBridge Capital and existing investors.

According to the company, it raised the fresh funds at a post-money valuation of $1 billion and has become India’s 103rd unicorn. Earlier this month, edtech company PhysicsWallah and online beauty and grooming products marketplace Purplle entered the coveted club of unicorns.

The Bengaluru-based platform had previously raised $32 million in Series B in 2020 and $3 million during its Series A led by Stakeboat Capital in 2019.

With this financing, LeadSqaured will double down on growth investments in India and North America, foray into APAC and EMEA regions and fund acquisitions among others. According to the company’s founder and chief executive Nilesh Patel, it also plans to double its headcount in the next 18 months.

Founded by Patel, Prashant Singh, and Sudhakar Gorti in 2011, LeadSquared provides end-to-end sales, marketing, and onboarding automation solutions. The company claims to have more than 2,000 customers and it serves education, healthcare, BFSI, real estate, automotive, and hospitality industries. Its customer includes Byju’s, Dunzo, Uni, Practo, Olx among others.

Besides Bengaluru, it has a presence in New Jersey, Philippines, South Africa, Australia, and Indonesia.

For the year ending March 2021, LeadSquared’s scale grew 72.7% to Rs 99.45 crore from Rs 57.57 crore in FY20, as per its annual financial statements filed with RoC. Moreover, the company managed to control its annual losses by 36.6% to Rs 11.31 crore during FY21 from Rs 17.84 crore in the preceding fiscal year 2020.