Cloud-based platform Ozonetel raises $5 mn from Stakeboat Capital; plans to expand US operations

PTIUpdated: Wednesday, October 06, 2021, 06:07 PM IST
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Ozonetel witnessed a 100 per cent surge in its business growth and has doubled its customer base during the pandemic and has 15,000 agents working from home serving various sectors / Representative Image |

On-demand cloud communication services provider Ozonetel has raised $5 million (about Rs 37.5 crore) from Bengaluru-based private equity fund Stakeboat Capital for US expansion, the company said.

The funds will be used to expand operations and double headcount in the coming year, according to an official statement from the 11-year-old company that started out with a contact/call centre-as-a-service (CCaaS) offering.

"This is an important juncture for us to scale our business, and we are particularly looking to grow our footprint in the US. We plan to reach $100 million ARR (annual recurring revenue) in the next four years," its founder and Chief Executive C S N Murthy said.

COVID-19 has accelerated CCaaS adoption the world over. During the pandemic, Ozonetel witnessed a 100 per cent surge in its business growth and has doubled its customer base over the past 12 months. It has 15,000 agents working from home serving various sectors.

Stakeboat Managing Partner Chandrasekar Kandasamy said the fund is excited about the possibilities, as the pandemic has changed the way enterprises are approaching their call centre operations.

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