User engagement platform CometChat raises Rs 40 crore in Venture Debt led by Utah based Zions Venture Fund
User engagement platform CometChat has raised Rs 40 crore in a Venture Debt round led by Utah-based Zions Venture Fund. Funds raised will be used for scaling up its product offerings, strengthening its presence in Europe, and expanding data centers strongly in the APAC region. This will also further strengthen CometChat’s position as the startup continues to support its enterprise customers with mission-critical real-time engagement infrastructure.
CometChat has raised Rs over 145 crores to date and is backed by marquee investors including Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures.
CometChat with its headquarters in Denver and Mumbai was incorporated in the US in 2019 by twin brothers Anuj Garg and Anant Garg. The CpaaS startup works with top global enterprises by providing them with a full-fledged messaging and communications platform within apps and websites to improve the brand’s user engagement. It allows users to get real-time engagement and have conversations via messaging, voice calling, and HD video chat. The software provides user-to-user engagement for a growing customer base via robust offering and helps enterprises save hundreds of developer hours and the associated costs that companies have to otherwise spend in building this tech from the scratch.
Anuj Garg, Co-founder, and CEO, CometChat, says, “We are a revenue-focused business continuously growing in large international markets. Thus, our business fundamentals and strong balance sheet have enabled us to raise this round as we are in a comfortable position to service the debt. The aim is to raise capital for an extended runway of 5 years as we put our growth plans in the fast lane.”
In the last 12 months, CometChat’s customer base has grown by 3X and product usage by 300%. The Company with its B2D (Business to the developer) approach, has handled over 800 million connections so far. The Company has earned numerous awards including, ‘Established Product/ at the 30th Annual HYSEA Summit and “Best Estimated ROI” by G2.
Sam Clark, MD, Zions Venture Fund, says, “Zions is thrilled to be partnering with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Excited to be a part of the journey and support the Company through its phases of growth.”
In addition to fuelling growth by expanding in new markets with its developer-first approach CometChat holds a strong position in the North American region. It not only has robust offerings like SDKs and APIs, Open Sourced UI Kits, and Widgets, the startup now has integrated with a large language model chatbot popularly known as ChatGPT.
CometChat is emerging as a trustworthy communication platform worldwide and is presently working with sectors like marketplaces, community apps, telehealth applications, ed-tech, and any internal messaging or enterprise system.
