The round was directed by Bertelsmann India Investments
Current investors Chiratae Ventures and Blume Ventures also took part in the round.
It will utilize this new injection of money to employ the best talent
SaaS built-in marketplace for talent SquadStack is raising $17.5 Million (INR 140 Crore) as part of a series B financing round, led by Bertelsmann India Investments, along with investors already in the company Chiratae Ventures and Blume Ventures.
The company plans to use the new cash infusion to hire top talent to build its team to expand. The company also plans to expand the number of sales experts it has and expand its reach into new industries.
The company was founded in 2017 and SquadStack was founded in 2017 to make available professionals who can work anyplace. It collaborates with existing homemakers and sales professionals which allows employees to work from any location using an iPhone.
Based on Apurv Agrawal co-founder and chief executive officer of SquadStack the company aims to transform the INR 80,000 crore Indian Telesales industry, which is lacking technological innovation.
“Our integrated solution that combines human and technological expertise solves an issue with negative ROI issue for companies and also financially boosts sales talent across the nation. We’re hoping to expand our team. We believe that, in the end profits and great products are the outcome of a strong team and work environment,” Agrawal said.
SquadStack operates on an integrated work structure that spans five cities such as Noida, Gurgaon, Bengaluru, Goa and Mumbai. It plans expansion in Chennai, Hyderabad and Pune in the near future.
“We have an extremely positive outlook regarding the ‘future of Work’ and SquadStack does well in that because their technology gives access to and flexibility for the diverse, large and dispersed sales workforce across the country.” Rohit Sood, partner, Bertelsmann India Investments said.
The year 2020 was the time that SquadStack has raised 1 million INR in its 36.8 Crorein Series A financing round which was led by Chiratae Ventures.
According to an Transparency Market Research study the global software for sales enablement market is predicted to reach $11.55 Billion in 2031. The report further stated that opportunities in the BFSI and ecommerce entertainment sectors are predicted to drive the development of the software for sales enablement market.