User Engagement Platform CometChat Raises Rs 40 Cr In Debt Funding
CometChat, a Mumbai and Denver-based user engagement platform, has raised $5 million (around Rs 40 crore) in a debt funding round from Utah-based Zions Venture Fund.
As per the startup, the raised funds will be used to scale its product offerings, strengthen its presence in Europe, and expand data centres in the APAC region.
CometChat | User Engagement Platform
Founded by brothers Anuj Garg and Anant Garg in 2019, CometChat is a Denver- and Mumbai-based communications-platform-as-a-service (CpaaS) startup that works with global enterprises to give them a full-fledged messaging and communications platform within apps and websites to improve user engagement.
The firm provides offerings such as SDKs (software development kits), APIs (application programming interface), open-sourced UI kits, and widgets. Also, the user engagement platform has now integrated with ChatGPT, an artificial intelligence chatbot developed by OpenAI.
Speaking about the development, Anuj Garg, co-founder and chief executive officer at CometChat, said,
“We are a revenue-focused business, growing in the international markets. The aim is to raise capital for an extended runway of 5 years as we move towards our growth plans.”
CometChat enables its users to get real-time engagement and have conversations via features such as messaging, voice calling and HD video chat. As per the firm, its tech helps enterprises save hundreds of developer hours and associated costs that companies have to otherwise spend in building their tech from scratch.
Working in areas such as marketplaces, community apps, telehealth applications, edtech, internal messaging, and enterprise system, the firm claims that, in the last year, its customer base has grown three times, and product usage has expanded by 300%.
With its B2D (business to developer) approach, the user engagement platform has handled over 800 million connections so far. Further, it claims to have a strong position in North America.
Including this funding round, the startup has raised over Rs 145 crore to date. In December 2021, CometChat raised $10 million in a Series A funding round led by Signal Peak Ventures (SPV). The firm is backed by investors, including Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures.
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