ADQ, the UAE’s popular holding company, has participated in a series A funding round for an Indian startup called Verloop.io, media reports said. It is reported that ADQ invested in the $5 million funding round led by Alpha Wave Incubation (AWI) with other investors such as India’s IDFC bank.
Gaurav Singh, founder and CEO of Verloop.io, told the media, “The new investment, which has been successfully raised during a global outbreak, serves as an endorsement” of their machine learning capabilities. We are now looking to hire top talent and build further traction for the business globally.”
According to Verloop.io, the fundings will help them to launch new products, hire top talents and expand its presence across key markets such as the US, Middle East and Southeast Asia. Furthermore, Falcon Edge Capital, an American company will manage the fund.
The Indian startup specialises in providing customer automation process for other companies. Verloop.io has processed over two million queries and the platform is used by 100 million global users.
In May, the Abu Dhabi-based company rolled out incubation fund worth $300 million for new Asian startups backed by Alpha Wave. The company also built an office in Masdar City.
According to Falcon Edge Capital, it has faith in the Indian startups’ offerings, offering, especially at a time when the demands for better customer support solutions are soaring.
Verloop.io has grown by 200 percent over the last two years. The startup has started its business well and now looks forward to grow big.