Rocketlane Raises $24 Mn in Series B Funding Round to Enhance Client Project Delivery with AI

Rocketlane Raises $24 Mn in Series B Funding Round to Enhance Client Project Delivery with AI

Customer onboarding platform Rocketlane has successfully raised $24 million in its Series B funding round. The funding round was co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. This additional capital will be used by Rocketlane to leverage the power of artificial intelligence (AI) in order to develop advanced features and capabilities that will enhance client project delivery.

Rocketlane, founded in 2020 by former Freshworks executives Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, is a professional services automation and customer onboarding platform. Its unified workspace platform brings together employees, finances, and projects to facilitate improved collaboration within enterprises.

This latest funding round follows Rocketlane's Series A round in 2022, where it raised $18 million led by 8VC. With this Series B funding, Rocketlane has now raised a total of $45 million in funding to date.

Enhancing Client Project Delivery with AI

Rocketlane aims to utilize the fresh capital to develop advanced features and capabilities using AI technology. By leveraging AI, Rocketlane will be able to enhance its client project delivery, providing more efficient and effective services to its customers. This will help enterprises improve collaboration and streamline their operations, ultimately leading to better project outcomes.

The company's focus on AI aligns with the broader trend in the Indian startup ecosystem, where many SaaS startups are embracing AI to optimize their operations. By harnessing the power of AI, Rocketlane can stay ahead of the competition and continue to deliver innovative solutions to its clients.

Rocketlane's Impressive Growth and Revenue Increase

Rocketlane has experienced significant growth since its inception. With a customer base of 500, the company claims to have tripled its revenue in the past year. This growth can be attributed to Rocketlane's ability to provide valuable services to its customers and meet their evolving needs.

The global market for customer onboarding platforms is expected to reach $2.5 billion by 2025, with a compound annual growth rate (CAGR) of 20.4%. Rocketlane is well-positioned to capitalize on this market opportunity and further expand its customer base.

Appointment of Rao Adavikolanu as Chief Marketing Officer

As part of its growth strategy, Rocketlane has appointed Rao Adavikolanu as its Chief Marketing Officer (CMO). Adavikolanu, who previously served as CMO at accounting startup Pilot.com, brings a wealth of experience and expertise to his new role. He will be responsible for driving Rocketlane's market presence and implementing strategic initiatives to support the company's growth.

The Rise of Indian SaaS Startups

Rocketlane's successful funding round comes at a time when Indian SaaS startups are gaining attention from investors globally. SaaS startup Maxim AI recently raised $3 million in a seed funding round led by Elevation Capital, aiming to scale up its operations and forge partnerships with companies building AI products. This highlights the increasing interest and investment in the Indian startup ecosystem.

Overall, Rocketlane's Series B funding round and its focus on leveraging AI technology to enhance client project delivery position the company for further growth and success in the customer onboarding market. With its experienced leadership team, innovative solutions, and strong funding support, Rocketlane is well-equipped to meet the evolving needs of enterprises and drive collaboration and efficiency in project delivery.