[Updated] India-based Knowlarity looks to raise funds to boost expansion
The Sequoia Capital-backed company is aiming to raise about US$10M to US$15M; plans to expand presence in SEA, Middle East, Latin AmericaBy Saloni Surti 12 Feb, 2014
[UPDATE] Ambarish Gupta, CEO, Knowlarity shared with e27 that the firm is looking at raising about US$10M to US$15M. The cloud telephony firm is in conversations with various investors. However, Gupta refused to divulge the names of the investors.
[UPDATE] “We shall be using the fresh round of capital to extend our operations to international markets, and also go deeper in the countries we are already present in. We also wish to strengthen our domestic operations,” said Gupta.
The company right now has presence in Sri Lanka, Bangladesh, Indonesia, Philippines and Malaysia.
Current investor Sequoia Capital is also expected to participate in the Series B round. [UPDATE] Investment bank Signal Hill has been appointed to run the mandate. The investment round is expected to roll out in the next six to seven months.
After securing almost half a million dollars in its first round of funding, it went on to receive US$6.5M from Sequoia Capital in January 2012 in exchange of a minority stake in the cloud telephony company.
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Knowlarity acquired another Indian cloud telephony service, Unicom Techlabs in January 2014, and hinted at more mergers and acquisitions in 2014.
Ambarish Gupta, CEO, Knowlarity, in a conversation with e27, had then said that they hope to expand the business by consolidating the market. [UPDATE] The firm is in touch with a number of organisations to actions its consolidation plans.