Rs 40 Cr Venture debt funding raised by User engagement platform CometChat
CometChat, a platform for user engagement, has raised Rs 40 crore in a Venture Debt round that was co-led by Zions Venture Fund.
According to a press release from CometChat, the money will be used to scale up its product offerings, strengthen its presence in Europe, and significantly expand data centers in the APAC region.
Investors supporting CometChat include Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures. CometChat has raised more than 145 crore rupees to date.
Anuj and Anant Garg founded CometChat in 2019 to help international businesses increase user engagement with their brands by giving them access to a complete messaging and communications platform within apps and websites. Through messaging, voice calls, and HD video chat, users can engage in real-time conversations.
According to CometChat, its software fosters user-to-user interaction for a burgeoning clientele through a robust offering and aids businesses in saving hundreds of developer hours and the associated costs that organizations would otherwise have to incur in developing this technology from scratch.
The startup with offices in Denver and Mumbai claims that usage of its products has increased by 300% and its customer base by 3x. The business has so far handled over 800 million connections using a B2D (business to the developer) approach. It also makes the claim that it is a reliable communication platform that works with a variety of industries, including telehealth applications, edtech, internal messaging, and marketplaces.
