BENGALURU: On-demand cloud communication services provider Ozonetel aims to reach $100 million ARR (Annual Recurring Revenue) in the next four years. The company also aims to grow its business 5X in the coming year.
The company, which recently raised $5 million in Series A from Stakeboat Capital, a private equity fund, said it will use the funding to grow its sales and marketing teams in the US, while continuing to focus on South East Asia and Middle East markets, apart from expanding its presence in India.
“Currently, we are a $10-million brand and with this infusion of capital, we are planning to reach $100 million ARR in the next four years,” Chaitanya Chokkareddy, Chief Innovation Officer, Ozonetel, told TNIE.
It has been 11 years since US-headquartered Ozonetel pioneered its cloud telephony solutions in India and top brands in banking, broking, fintech, e-commerce and education are using its call centre solutions for their customer service and sales.
“We want these businesses to use our AI-based omnichannel capabilities to help transform the role of contact centres itself. We are looking at automating customer communications at every step of the customer journey and are using AI-based insights to transform how businesses use their contact centre data,” Chokkareddy said.
The company has over 1,000 enterprise clients across US, India, and UAE, and its platform supports over 100,000 live agents, and has handled over 3 billion calls.
According to the Transparency Market Research report, the global cloud telephony services market is to grow at a rate of 17.2% during the forecast period from 2018 to 2026, reaching a valuation of $41,768.3 million by 2026.
“From February 2020 to June 2021, we witnessed a 100% growth in business. Earlier, this growth was driven by new-age entrepreneurial ventures, however, since the beginning of this year, we are seeing enterprises move their legacy systems to the cloud,” he said.
For Ozonetel, more than 60% revenue comes from the key verticals including healthcare, education, real estate, IT/ITES, e-commerce, BFSI and retail.
“We are in the midst of expanding our workforce in both India and the US,” he said. With 160 employees at present, Ozonetel plans to add 175 employees by 2022.