New Delhi, June 30 -- Artificial intelligence-enabled enterprise tech provider Kapture CX has raised $10 million (around Rs 94.5 crore) in its pre-Series B funding round led by Bajaj Finserv Ventures, marking the investment financial giant's first bet in the AI space.
Existing investors Cactus Venture Partners and India Alternatives also participated in the funding round.
The company plans to use the funds to expand Kapture's presence in international markets and strengthen research and product development as the company looks to scale up its enterprise AI platform.
The investment comes as Bajaj Finserv Ventures prepares to launch its AI Opportunities Fund, which will invest across the artificial intelligence ecosystem. The firm, which is a 100% subsidiary of Bajaj Finserv Ltd, had announced plans to launch an AI-focussed investment vehicle to back startups developing artificial intelligence technologies across sectors earlier this year.
"We are currently in the process of launching the AI Opportunities Fund to invest across the emerging AI ecosystem. As we evaluated opportunities in the space, we found in Kapture a solution that demonstrably works at scale," said Lakshmi Iyer, group president investments and managing director and chief executive officer of Bajaj Alts.
Since raising its Series A funding in 2023, Kapture said it has grown its revenue fourfold while reaching profitability.
Founded by Sheshgiri Kamath and Vikas Garg, Kapture claims that it has developed an AI platform that helps enterprises automate customer experience and business workflows. The company said its platform is used by more than 1,000 enterprises across 18 countries, including Bajaj Finance and companies within the Tata Group and Reliance Group.
"Since our Series A round in 2023, Kapture has grown 4x and achieved what remains rare in the AI economy - profitability. Having an AI-first organisation like Bajaj Finserv Ventures lead this round is powerful validation of our value proposition," said Sheshgiri Kamath, co-founder and chief executive officer of Kapture CX.
The company plans to use the fresh capital to accelerate overseas expansion and deepen investments in research and development. It is targeting a fivefold increase in revenue over the next few years, according to the company.
Published by HT Digital Content Services with permission from VC Circle.