CometChat, a platform for engaging users, has secured a Rs 40 crore investment in a venture debt round led by Zions Venture Fund, based in Utah.
CometChat, a Denver and Mumbai-based CpaaS startup founded by twin brothers Anuj and Anant Garg, was incorporated in the US in 2019. The platform partners with leading global enterprises to provide a comprehensive messaging and communication platform within their apps and websites to increase brand engagement. CometChat lets users chat in real time via messaging, voice, and HD video, as per reported by Indianweb2.
Anuj Garg, Co-founder CEO, CometChat, says, “We are a revenue focused business continuously growing in large international markets. Thus, our business fundamentals and strong balance sheet has enabled us to raise this round as we are in a comfortable position to service the debt. The aim is to raise capital for an extended runway of 5 years as we put our growth plans in the fast lane.”
Over the last 12 months, CometChat has experienced a 3X growth in its customer base and a 300% increase in product usage. With its B2D (Business-to-Developer) approach, the company has managed over 800 million connections to date. As a result of its achievements and contributions to the industry, CometChat has been recognized with numerous awards, including “Established Product” at the 30th Annual HYSEA Summit and “Best Estimated ROI” by G2.
Sam Clark, MD, Zions Venture Fund, says, “Zions is thrilled to be partnering with CometChat for this debt facility. We have been impressed by the team and what they have accomplished to date. Excited to be a part of the journey and support the Company through its phases of growth.”
CometChat’s developer-first approach has helped the company to expand into new markets and establish a strong position in North America. In addition to its robust offerings such as SDKs, APIs, and open-source UI kits and widgets, CometChat has now integrated with a popular large language model chatbot known as ChatGPT. This integration is expected to further fuel the startup’s growth.
More than 50,000 developers worldwide rely on CometChat’s communication platform, which provides easy-to-use text chat, voice, and video functionality for websites and apps in all sectors. Through a robust selection of Chat APIs, SDKs, and Open Sourced UI Kits & Widgets, the committed team at CometChat has worked hard to develop a scalable, secure, and user-friendly communication platform that significantly increases user-to-user engagement for a growing customer base. The global team, which has its headquarters in Denver, Colorado, is brought together by a common goal: to support their customers’ growth by fostering significant user-to-user engagement.