The company will use the capital to strengthen its technology and business development team to rapidly grow and scale in international markets.
“We are in advanced talks to raise $30 million from institutional investors to fuel our next phase of growth, which will come from our overseas expansion plans,” said Ranjit Kumar, cofounder and CEO, AppliktAI. “We are targeting a valuation of $120 million,” Kumar said.
In the pre-Series A round, other angel investors such as Jawed Tapia, MD, Clover Infotech (former founding CEO and director of Red Hat); Deb Deep Sengupta, former Chairman and Managing Director, SAP India and South Asia; Suhail Sameer, CEO, BharatPe; Rishi Vasudev, Founder, GOAT Brand Labs and Prashant Kumar, Founder, Entropia also participated.
Founded in 2014 as a sales-technology provider, the company moved to an integrated AI-powered sales enabled platform in 2017.
It has 275,000 users in more than 16 countries, including Spain, Belgium, Italy and Mexico.
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Its product, the AI Supervisor, simultaneously supervises, supports and coaches salespeople and channel partners.
“The company has been profitable for the past three years with positive cash flow and reserves,” Kumar said. “Our current revenue rate is $3 million, growing 100% year over year. We expect to trend to $6 million over the next 12 months,” he said.
Kumar co-founded the company with A Madhusudan, who is its chief technology officer.
The company counts brands such as ITC, Mars (Global), Shell (Global), Parfetti, Marico, Reckitt (ASEAN) and others as customers.
“Having achieved our targeted milestones of revenue, cash flow and global traction, we are raising capital to support our plan for a rapidly growing global scale,” Kumar said.
According to Kumar, the e-B2B market for AI-based sales enabled platforms and consumer goods is expected to exceed $17 billion by 2027.
“Top consumer goods companies are investing behind sales enablement, AI and e-B2B, which is about two to four times more than regular sales automation. We expect this space to grow manifold going forward,” he said.