Chennai based Customer Experience Management (CEM) startup CloudCherry has raised $9 million or Rs 64.5 crores. This fundraising round led by Pelion Venture Partners is part of the series A funding that was raised almost two years back. According to reports, the round may see additional funds coming from company’s existing investors.
CloudCherry’s founder and CEO Vinod Muthukrishnan said to a business daily that the company will use fresh capital infusion for growing its North American business. The company will also use funds to increase its data science capabilities, Muthukrishnan added.
CloudCherry counts Cisco Investments, Vertex Ventures and IDG Ventures amongst its investors. Following the latest fundraising round, two members representing Cisco Donald Tucker and Brett Wingo will join company’s board of directors team.
So what does CloudCherry exactly do?
CloudCherry was incorporated as a SaaS company in Chennai in 2014. The startup’s main aim is to create tools that help companies in enhancing customer experience on their official websites. The Chennai based startup claims that this immersive experience in turn helps their clients in increasing their sales and financial meterics.
CloudCherry had raised $6 Mn in 2016 in series A round led by Cisco Investments and Vertex Ventures. Existing investor IDG Ventures also participated in the round.
Today this four year old startup counts many high profile companies like Puma, Cisco, Salesforce, DBS Bank as its client. On the other hand, the startup is also claiming that its revenue has tripled more than thrice over the last one year.
CloudCherry competes with established players like Qualtrics and Medalia. Qualtrics is reportedly planning for an IPO in the next year.
Most analysts claim that today customer experience assumes huge importance in the wake of intense competition and this is most likely to prove boon for most CEM startups in the long run.