Customer experience management platform CloudCherry has raised $6 million in a Series A round of funding led by Vertex Ventures and Cisco Investments, and participation from existing investor IDG Ventures India, reports YourStory. The company will use the funding to focus on global markets in Southeast Asia, USA and the Middle East.
Prior to this, CloudCherry had raised a seed round of funding from Chennai Angels, Capillary Technologies and IDG Ventures. Note that investor Capillary Tech provides a cloud-based customer relationship manager platform including loyalty programs, marketing campaign management and customer analytics.
CloudCherry provides a software-as-a-service (SaaS) based customer experience management and feedback platform with features like multi channel consumer surveys using QR on mobile, email on the web, etc., customer metrics in real-time and actionable insights on how to improve customer experience. It also provides features like a ‘net promoter score’, which helps identify loyal, neutral and unhappy customers, provides survey questionnaires, ‘sentiment analysis’, and a dashboard to manage these features. The product went live earlier this year.
Founded by Vijay R Lakshmanan, Vinod Muthukrishnan, Prem K Viswanath and Nagendra CL, CloudCherry provides its services in sectors like retail, healthcare, manufacturing, e commerce and hospitality. Its customers currently include World of Titan, Central, Voonik, HDFC Bank and Caratlane among others.
Fund for SaaS startups: In January, Storm Ventures launched a new fund for SaaS startups in India, with an allocation of at least $10 million for the fund. The firm mentioned that it will increase the amount depending on how quickly it deploys the capital.
SaaS startups investment in India: More than $850M have been invested since 2010 in Indian SaaS product companies, with a total of $449 million investment in the year 2015 across 61 funding rounds, said a report from startup research platform Tracxn. The report added that even though the number of funding rounds remained almost the same in 2014 and 2015, the total funding has increased by 3-times in this year. It added that $45 million has already been invested in SaaS startups in India within first 4 months of 2016 in over 15 rounds.