AI Chatbot Start-up Yellow Messenger raises $20 million funding from Lightspeed Venture Partners

The AI chatbot startup raised 20 million dollars as a part of its Series B funding round as per its statement last Thursday. The startup is utilizing the freshest investments to heighten its product innovation road map. Yellow Messenger is going to empower it by extending its multi-lingual voice bot capacities, growing endeavor incorporation, and propelling an advertisement engineer center for virtual assistance.

Lightspeed India Partners led Yellow Messenger’s series A funding round of $4 million but a year ago. This $20 million series B round comes mainly from Lightspeed’s US fund at 4 to 5 times the startup’s previous valuation, in line with Ravinutala. So it’s rather more than an extension of the sooner investment—this could be a bigger play for rapid expansion into new markets.

“One in every three companies globally is implementing conversational AI and chatbots… We have seen how the company has taken advantage of this market pull with its rapid time-to-value, transactional platform and multi-language support for global rollouts,” said Dev Khare, Partner, Lightspeed India Partners.

“Right from the onset of Covid-19, lots of enterprises were anticipating an interruption in customer and employee engagement. We saw a spurt within the volume of deals as there was a rush to automate these services. In fact, March was our greatest month in terms of the business we closed,” says Raghu Ravinutala, co-founder and CEO of Yellow Messenger.

AI Chatbot Start-up Yellow Messenger raises $20 million funding from Lightspeed Venture Partners