- Rocketlane has secured $24 million in Series B funding to enhance AI and launch new products.
- Rocketlane has tripled its revenue in the past year and added over 500 new customers in 2023.
- The company now plans global expansion, focusing on the US, Europe, UK, Australia, and other regions.
Chennai and California-based B2B SaaS startup Rocketlane has recently announced that it has secured $24 million in a Series B funding round led by 8VC, Matrix Partners India, and Nexus Venture Partners.
“With over 500 logos to our name, we are thrilled to announce our Series B funding of $24 million, despite still having $11 million in the bank from the previous $18 million we raised,” co-founder and CEO, Srikrishnan Ganesan wrote in a company’s blog post.
Rocketlane, founded in 2020, has so far raised $45 million in funding. The company has tripled its revenue in the past year. In 2023, the company added over 500 new customers. Additionally, approximately 18 percent of the company's clients are in India. Some of its clients include SaaS companies like Amagi, Chargebee, Icertis, Verloop, Yellow.ai, WebEngage, and MoEngage.
“Seventy percent of our revenue comes from the US, with India being our second largest market. However, we plan to invest in multiple geographies. While we have a good setup in India, we will also expand into Europe, the UK, Australia, and other regions," said Ganesan.
Next, the company plans to use the newly acquired funds to develop an AI layer across its product, focusing on four key areas: operations, project delivery, governance, and insights. Additionally, it aims to enhance its offerings both upstream and downstream to facilitate smooth execution and customer collaboration at every stage of the customer journey.
Edited by Harshajit Sarmah
