New Delhi: On Thursday, the early-stage venture capital firm Cactus Venture Partners (CVP) announced investing $4 million in Kapture CX, a SaaS-based platform for automating customer support that provides various solutions for business clients. By streamlining and automating customer assistance across calls, email, chat, WhatsApp, social media, and other direct channels, the platform assists organisations in improving their customer experience.
The company said it has created deep vertical offerings for internet companies, retail (Offline and Online), travel, banking and financial services, and consumer durable companies.
Kapture CX operates in five countries viz., the US, UAE, Indonesia, Philippines, and India, catering to large enterprise customers in over 18 countries, including the likes of Meesho, BigBasket, Tata1MG, Reliance, Unilever, ITC etc.
The company said it will deploy the funds to expand its presence in the international markets, enhance its product offerings, and further strengthen its team.
Sheshgiri Kamath and Vikas Garg, Co-founders at Kapture CX said, “We are seeing a lot of demand from enterprises to enhance their customer experience. No one is happy with their customer support platform provider and large incumbents are struggling to meet the requirements of enterprise customers.”
“The advent of general intelligence in generative AI models has shaken up the industry. The tailwinds we have been experiencing in the large enterprise segment made us look for the right amount of capital to accelerate our growth trajectory. The bets we have placed on Gen AI capabilities and expansions in select international markets have paid off quite well. We intend to use this capital efficiently in growth markets we have identified,” they said.
The sixth investment made by Cactus Venture partners is this one. The fund invests in companies with a proven product-market fit and consistent financial performance. The fund has a broad industry focus, with its main areas of interest being B2B SaaS companies, health tech, and climate tech.
“Kapture CX has all the right ingredients to build a large sustainable SaaS business – a strong founding team with unmatched persistence, agility to understand and solve customer problems, a robust product suite with vertical-specific solutions, and an unwavering persistence to building a high-growth, profitable business,” said Amit Sharma, Partner, Cactus Venture Partners.
According to the Indian SaaS Report 2022 published by Bain and Company in January of this year, the Indian SaaS ecosystem has grown to become the second-largest and most mature in the world, behind the US, despite current market difficulties. Total annual recurring revenue (ARR) for the market climed four times over the previous five years, reaching $12-13 billion in 2022, while investment increased six times, reaching about $5 billion.
The ARR of Indian SaaS companies is expected to reach around $35 billion in five years and capture approximately 8 per cent of the global SaaS market.
