The company will use the capital to strengthen its technology and business development team to fast-track growth and scale-up in international markets.
“We are in advanced talks to raise $30 million from institutional investors to power our next phase of growth which will come from our overseas expansion plans,” said Ranjeet Kumar, cofounder and CEO, ApplicateAI. “We are targeting a valuation of $120 million,” Kumar added.
In the pre-Series A round, other angel investors such as Javed Tapia, MD, Clover Infotech (former founding CEO and director of Red Hat); Deb Deep Sengupta, former president and managing director, SAP India and South Asia; Suhail Sameer, CEO, BharatPe; Rishi Vasudev, founder, G.O.A.T Brand Labs, and Prashant Kumar, founder, Entropia, also particpated.
Founded in 2014 as a sales-tech provider, the company pivoted to an integrated AI-powered sales enablement platform in 2017.
It has 275,000 users across more than 16 countries including Spain, Belgium, Italy and Mexico.
Its product, AI Supervisor, supervises, assists and coaches salespeople and channel partners simultaneously.
“The company has been profitable since the last three years with positive cash flows and reserves,” said Kumar. “Our current revenue rate is $3 million, growing 100% year on year. We expect to be trending at $6 million in the next 12 months,” he added.
Kumar cofounded the company along with A Madhusudan, who is its chief technology officer.
The company counts brands such as ITC, MARS (Global), SHELL (Global), Perfetti, Merico, Reckitt (ASEAN) and others as clients.
“Having achieved our targeted milestones of revenue, cashflow, and global traction, we are raising capital to support our plan of fast paced global scale-up,” Kumar said.
According to Kumar, the market for AI-based sales enablement platforms and e-B2B for consumer goods is expected to be more than $17 billion by 2027.
“Top consumer goods companies are investing behind sales enablement, AI and e-B2B, almost two to four times more than regular sales automation. We expect this space to grow manifold going forward,” he said.