Akosha raises 100 Crore funding from Sequoia Capital

New Delhi based consumer to business interaction platform, Akosha has raised 100 Crores series B round funding from Sequoia Capital. Akosha has previously raised about Rs 1 crore from Sequoia as Seed in September 2011 and another Rs 30 crore in Series A funding in July last year.

This new round of financing will be used to hire over 200 software engineers and product managers to build out the platform, and fund the exponential growth of Akosha’s new mobile app for connecting users and businesses. Company expects to add 400-500 people to its team this year.

Akosha raises 100 Crore funding

As of now, Akosha claims to handle over 30000 consumer inquiries every day over the web, telephone and its Android chat app. Company monetize these inquiries by providing Akosha’s enterprise software OneDirect to brands. Brands are able to leverage Akosha’s software to have a fast and personalized interaction with their consumers.

Akosha claims to have over 130 brands using its platform to respond to consumer inquiries. Some of the leading brands who use Akosha OneDirect enterprise solutions include Kotak Mahindra Bank, Voltas, Aircel, Snapdeal, Micromax and Makemytrip.

Currently, the app supports more than 18,000 chat sessions per day and have been growing 20-25% week-on-week.

Akosha take the consumer complaint directly to the escalation team of the company, which has the power to resolve grievance. Company also follow up with them and keep the consumer updated via email, SMS and phone.

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Akosha was co-founded by Ankur Singla, Avinash Vankadaru, Vishal Pal Chaudhary and Vishrut Chalsani.

Ankur Singla, Chief Executive Officer, Akosha said: “We started 4 years ago to help consumers with post purchase issues. With the growth of mobile, we aim at building a messaging platform for all interactions between consumers and businesses including discovery, buying, appointments and customer service. We hope to be doing 100,000 customer interactions/day within 3 months. But I think we’re just getting started. We are confident that in the near future, Akosha chat will be a competitive customer service differentiator for businesses”.

Shailendra Singh, Managing Director, Sequoia Capital India Advisors said: “We have always believed in the thesis that consumers need a better way to interact with businesses. We are inspired by Ankur’s vision for becoming a single destination on the smartphone for users to interact with hundreds of businesses and online services. We are delighted to lead our third round of investment in Akosha, starting with a $200,000 seed investment in 2011.”

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