Chennai and US-based B2B SaaS (Software-as-a-Services) firm Rocketlane has raised $24 million in a Series B funding round. The round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners, bringing the total funds raised to $45 million.
The new funding is expected to be used in execution of their AI roadmap and help Rocketlane in development of advanced product capabilities to make the area of client project delivery more competitive.
Rocketlane streamlines processes that begin once a company closes a deal with its customer. Essentially, the software helps onboard customers in an orderly fashion by bringing the various emails, people, slack conversations and information involved on one platform. This replaces generic project management and collaboration tools and brings complete visibility of projects on one unified platform.
Srikrishnan Ganesan, co-founder and CEO, Rocketlane, said this funding comes at a time when the start-up already has around 60 per cent of the funds raised in the previous round in its kitty and is more pre-emptive to support its growth plans.
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”We have plans to go wider and be even more ‘all-in-one’ with automating more upstream and downstream workflows compared to where we play today,” he said. It will also help us in launching new products and help us bring more AI features across operations, delivery, governance, and insights,” he added.
As part of its growth strategy, Rocketlane appointed Rao Adavikolanu as Chief Marketing Officer (CMO) to drive Rocketlane’s market presence and strategic initiatives. It also recently announced the appointment of Brett Jarvis as VP of Customer Success and Experience.
According to the company, it has tripled its revenue over the past one year. It added over 500 customers in 2023, including enterprises that switched to Rocketlane from legacy PSA tools. The growth is fuelled by a stronger need for efficiency and cost optimization in professional services teams, as well as more enterprise deployments of software with AI modules. Recent customer wins include OpenGov, LivePerson, Fivetran, Personio, and Zenoti, among others.
The company has around 18 per cent of its clients in India, which makes up its second largest market. Indian SaaS players like Amagi, Chargebee, Icertis, Verloop, yellow.ai, Clevertap and others use Rocketlane. It has a team of roughly 110 people in Chennai and around 15 outside India.
Jishnu Bhattacharjee, Managing Director, Nexus Ventures Partners, said, “We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers.”
“The Rocketlane team has a great opportunity to replace legacy PSA software with their AI roadmap and great user experience. The company has executed this vision with rapid adoption and has solidified its industry-leading position. We are excited to reinforce our commitment to them,” said Vikram Vaidyanathan, Managing Director, Matrix India.