Futwork, which provides mobile app-based contact centre solutions, has raised ₹21 crore in a Series A round of funding led by the Michael & Susan Dell Foundation. The round also saw participation from Artha Venture Fund, Simile Ventures, D2C Insider Angels and Tracxn founder Abhishek Goyal.
The funds raised will be used to scale the product and roll out AI-driven solutions across multiple communication channels like voice, chat, email, and WhatsApp, while also expanding to international markets.
With the new investment, the company’s valuation is estimated to be around ₹71 crore (approximately $8.5 million) post-allotment.
The Michael & Susan Dell Foundation led the investment with ₹14.17 crore, with Artha Ventures, Simile Capital, SCI Bureaux, D2C Insider Angels, and angel investor Abhishek Goyal participating in the remainder of the funding.
Post-funding, the Michael & Susan Dell Foundation will hold a 19.92% stake in Futwork, while Simile Capital and Artha Ventures will command 10.08% and 5.64% stakes, respectively.
“We believe in a human + AI future, and we will use the funds to build AI tools that can assist in delivering better performance on calls, improve quality, and assist in training our agents,” said Armaan Vananchal, Cofounder, Futwork.
Sanjay Modi, Senior Director, Michael and Susan Dell Foundation, said, “Futwork is pioneering a new way of creating and distributing call center jobs, boosting India’s competitive edge. Futwork is set to open doors for thousands of young job seekers, focusing on inclusion and equipping them with the skills needed to thrive in the tech industry.”
Founded in 2020 by Armaan Vananchal, Niranjan Nakhate, and Sri Ganapathy, Futwork (formerly Frapp) offers an innovative solution for businesses to their outbound calling teams without any fixed costs. Futwork has been supporting businesses across various industries such as e-commerce, BFSI and edtech, with its tele-calling applications, such as product demos, session bookings, customer feedback collection, and more.
Previously, the company had secured $1 million in a seed round led by Blume Ventures in 2022. The round also saw participation from, Simile Venture Partners, Silicon Valley-based Riverside Ventures and angel investors including Shivakumar Ganesan, founder of Exotel and Phanindra Sama, founder of Redbus.
The company reported a 12% drop in revenue to ₹3.79 crore for the fiscal year ending March 2023, with a loss of ₹3.78 crore during the same period. The claims that it has maintained profitability for the last 10 months while growing 3x in revenue.
The company also plans to build a distributed contact centre, going beyond voice. And aims to onboard 50,000 agents in the next 5 years.
