The round was led by Inventus Capital along with participation from Unicorn India Ventures, IAN Fund and others
Clootrack said it will utilise the fresh fund for product development, market expansion in the US and hire talent
The startup claims to help its clients address their customers’ concern 10x faster while reducing the cost incurred to address such issues by 85%
US-headquartered and Kerala-based customer experience analytics platform Clootrack has raised $4 Mn in the Series A round led by Inventus Capital along with participation from Unicorn India Ventures, IAN Fund, Salamander Excubator Angel Fund and others. With this round, Clootrack has raised a total of $4.6 Mn from external investors. In 2019, the startup had raised a $500 K seed round from IAN Fund.
Founded by Shameel Abdulla in 2017 along with his mentor Subbakrishna Rao – whom he met during his second startup stint, Jiffstore (an online grocery delivery platform which was acquired by PepperTap)– Clootrack is a smart customer experience analytics platform made for enterprises actively seeking out for higher customer retention rate.
Abdulla told Inc42 that at present, customers have various channels to share their concerns, feedback, and experience through multiple channels such as bots, calls, reviews and others. However, even with this data, brands fail to prevent customers from switching.
“The customer experience is the most important factor that is present to ensure customer retention and reduce customer churn. However, the methodologies used by brands to check on their customer experience doesn’t reveal why they are leaving,” he stressed.
Abdulla said that customer satisfaction metrics like Net Promoter Score will hand out figures to brands, but will say why they are leaving.
The startup leverages artificial intelligence (AI) that analyses scores of customer reviews to help businesses resolve the customer problems and take the next big step to help the business grow. According to Abdulla, who is also the chief executive officer (CEO) of Clootrack, the startup will utilise the fresh fund for product development and market expansion in the US. To date, in terms of revenue, the US contributes the most, followed by Southeast Asia and India, for the startup. It said it will also hire technology professionals in the coming days.
Today, consumer pitching brands hold customer feedback in multiple channels, such as in first- party touch points like CRM tickets, website feedback , open ended response, or third-party touch points like ecommerce reviews. What Clootrack does is that it aggregates these diverse sets of conversations and comes up with reasons on why customer experience is low.
Abdullah said that their clients after using Clootrack have expedited its process of responding to customers 10X and the cost incurred to address the above mentioned issues have dropped to 85%. “The differentiator of Clootrack is the deep technology platform on which it is built on. The platform has the capability to describe what customers speak and also in terms of emotions they express,” he added.
Clootrack currently works with 150 customers across the globe and is planning to reach more than 500 clients by the end of this year.
