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Skit raises $23 million in Series B from WestBridge Capital
Fresh funds will help the AI-based voice startup build delivery and R&D capabilities as well as expand globally
[L-R] Sourabh Gupta and Akshay Deshraj, co-founders of artificial intelligence-based voice startup Skit, previously Vernacular.aiArtificial intelligence-based voice startup Skit, which was previously Vernacular.ai, has secured $23 million as part of its Series B funding led by by WestBridge Capital with participation from Kalaari Capital and Exfinity Ventures, Angelist Syndicate led by Aaryaman Vir Shah from Prophetic Ventures, and LetsVenture Syndicate led by Sense AI. The capital will be used for sales and marketing, building delivery capabilities, R&D to speed up innovation and further enhance the company's products while expanding globally.
Founded in 2016 by IIT Roorkee alumnus Sourabh Gupta and Akshay Deshraj, the startup belives it will be able to address voice customer service market globally with its voice automation platform Vernacular Intellegent Voice Assistant (VIVA).
"This investment comes when we are making strategic inroads into the US and SouthEast Asian markets. Clients and investors alike have recognised the uniqueness and superiority of our product and continue to show confidence in our growth path,” says Sourabh Gupta, CEO and co-founder of Skit.
The global contact centre market size is expected to grow steadily and reach a value of $496 billion by 2027. “To address this sizeable growth, we at Skit are using voice bot innovation and our market observations to personalise caller experiences at customer contact centres, and deliver upto 50 percent cost reduction and superior customer experience," added Gupta.
The fundraising follows a Series A announcement in May 2020, led by Exfinity Ventures and Kalaari Capital, AngelList, with IAN Fund and LetsVenture also participating in the round. This Series B funding brings the startup's total raise to USD 30 million. The company plans to double down and scale operations in both Indian and global markets.
“Skit's success in helping India's largest companies positions them well to enter the US market, where there is a massive need for voice AI solutions." says Sashi Reddi, venture advisor to Westbridge Capital.
With over 10 million hours of training data, its product (VIVA) can currently respond in over 16+ languages, covering over 160 dialects and replicating human-like conversations. It serves enterprise clients across banking and financial services, including insurance, securities and NBFCs, food and beverage, ecommerce, automotive, and travel and tourism. Some of its clients include Axis Bank, Hathway, Porter and Barbeque Nation.
