User engagement platform CometChat has raised Rs 40 crore in a Venture Debt round led by Utah-based Zions Venture Fund. The funds raised will go towards expanding its product offerings, strengthening its presence in Europe, and significantly expanding its APAC data centres.
CometChat has raised Rs over 145 crores and is backed by marquee investors, including Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures. Also, this will help CometChat retain its leadership position as it continues to provide enterprise customers with mission-critical real-time engagement infrastructure.
Anuj Garg and Anant Garg, twin brothers, founded CometChat in 2019, with headquarters in Denver and Mumbai. The CpaaS startup collaborates with leading global companies by offering them an integrated messaging and communications platform within apps and websites to improve user engagement with the brand.
Users may engage in real engagement using messaging, voice calls, and HD video chat. The software’s extensive offering supports user-to-user engagement for a growing client base. It saves companies hundreds of developer hours and the associated costs that would otherwise be spent developing this technology from 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.”
CometChat’s customer base has risen thrice in the past year, while product usage has increased by 300%. With its B2D (Business to the Developer) strategy, the company has handled over 800 million connections so far. Numerous awards have been bestowed upon the company, including “Best Estimated ROI” by G2 and “Established Product” at the 30th Annual HYSEA Summit.
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.”
CometChat holds a strong position in the North American region and fosters growth by entering new markets with its developer-first strategy. In addition to having strong solutions like Open Sourced UI Kits, SDKs and APIs, and Widgets, the startup has recently integrated with ChatGPT, a chatbot with a large language model.
CometChat, which is currently working with industries like marketplaces, community apps, telehealth applications, ed-tech, as well as any internal messaging or enterprise system, is rapidly establishing itself as a trustworthy communication platform on a global scale.