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Abu Dhabi-backed fund leads Series A funding for Verloop.io
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Customer support automation platform Verloop.io said it has raised $5 million (Rs 37 crore) as part of its Series A funding round.

The investment was led by Alpha Wave Incubation Fund, a $300 million single-LP venture fund anchored by Abu Dhabi’s state entity ADQ and managed by Navroz Udwadia, a co-founder of New York-based Falcon Edge Capital, said Verloop.io in a statement.

Existing investors IDFC Parampara and Infosys co-founder Kris Gopalakrishnan also participated in the funding round, it added.

Gaurav Singh, founder and CEO of Verloop.io, said that the company is looking to hire and boost its business globally. The company aims to grow across West Asia, Southeast Asia, and the US.

Verloop.io was founded in 2015 by Singh. It is promoted by GrowthStory, the venture-builder platform founded by serial entrepreneurs K Ganesh and Meena Ganesh. 

The startup helps businesses to automate customer support across channels. It claims to have processed over 2 billion queries from customers. Its platform has been used by companies such as Decathlon, Cleartrip, Livpure and DSP Mutual Fund.

Investor

Alpha Wave Incubation Fund is a 1.1 billion UAE dirham fund that was launched in May earlier this year to invest in early-stage businesses in India and Southeast Asia.  

Alpha Wave Incubation Fund will help companies it invests in to set up global or regional headquarters in Masdar City – Abu Dhabi’s smart city and cleantech hub, it had said.

The fund's backer ADQ, formerly known as Abu Dhabi Developmental Holding Company, is one of the region's largest holding companies. 

 

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