Skit, an artificial intelligence-driven voice assistant startup, has raised $23 million in Series B funding led by WestBridge Capital.
Existing investors Kalaari Capital and Exfinity Ventures participated in this round. AngelList syndicate led by Aaryaman Vir Shah of Prophetic Ventures and Letsventure syndicate led by Sense AI were among the other investors. This Series B funding brings the startup's total fundraise to $30 million.
The fundraise comes soon after the startup rebranded itself from Vernacular.ai to Skit as it prepares to make headway in international markets. Besides global expansion, the fresh capital will be used in enhancing Skit’s voice technology and developing personalised solutions.
"This investment comes when we are making strategic inroads into the US and SouthEast Asian markets,” said Sourabh Gupta, Co-founder & CEO, Skit. It will join the bandwagon of Indian companies such as Uniphore, which is automating voice operations at global call centres using artificial intelligence.
“The global contact centre market size is expected to grow steadily and reach a value of $496 billion dollars by 2027. To address this sizable growth, we at Skit are using voice bot innovation and our market observations to personalize caller experiences at customer contact centres, and deliver upto 50 percent cost reduction and superior customer experience,” he added.
Founded by IIT Roorkee alumnus Akshay Deshraj and Sourabh Gupta in 2016, Skit is an AI-driven SaaS voice automation company. Its suite of speech and language solutions enable enterprises to automate their call centre operations. The company claims that its Vernacular Intelligent Voice Assistant (VIVA) can replicate human-like conversations and respond in over 16 languages covering more than 160 dialects.
Skit serves a variety of enterprise clients across diverse sectors such as banking and financial services, including insurance, securities and NBFCs, food and beverage, e-commerce, automotive, and travel and tourism. Few prominent clients include Axis Bank, Hathway, Porter and Barbeque Nation.
As pandemic hurried the shift to online, including customer service operations, Skit claims to have increased its revenue and customer growth by over 4x since its Series A funding in May 2020. The round was led by Exfinity Ventures and Kalaari Capital, AngelList with participation from IAN Fund and LetsVenture.
“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," said Sashi Reddi, Venture Advisor to Westbridge Capital, the lead investor in the Series B round.
The company has strengthened its workforce by over 6x to prepare for future growth.
(Edited by : Yashi Gupta)