User engagement platform CometChat has raised Rs 40 crore in a venture debt round led by Utah-based Zions Venture Fund.
The funding will be used to expand its product offering, strengthen its European presence and expand its data centers in the APAC region, CometChat said in a statement.
CometChat co-founder and CEO Anuj Garg said:
Founded in 2019 by brothers Anuj and Anant Garj, the Denver-Mumbai-based startup has raised Rs 145 million to date. Backed by investors including Signal Peak Ventures, Matchstick Ventures, Range Ventures and Unbound Ventures.
Communication Platform as a Service (CpaaS) startups work with global companies to provide full-fledged messaging and communication platforms within apps and websites to improve user engagement. Users can get real-time engagement and have conversations through features such as messaging, voice calls and HD video chat, the company said.
According to the company, its technology will help companies save hundreds of developer hours and associated costs that they would have to spend building the technology from scratch.
According to CometChat, its customer base has tripled in the last year and product usage has increased by 300%. According to the company, he has handled more than 800 million connections so far with a B2D (business to developer) approach.
CometChat provides SDK (software development kit), API (application programming interface), open source UI kit, widgets and other products. Integrated with ChatGPT, an artificial intelligence chatbot developed by OpenAI. It claims to have a strong presence in North America.
The startup operates in areas such as marketplaces, community apps, telemedicine applications, edtech, internal messaging, and enterprise systems.