Rocketlane Raises $24 Million to Propel AI Roadmap and Expand Global Reach

Chennai-based B2B software-as-a-service (SaaS) startup Rocketlane has secured $24 million (approximately Rs 200 crore) in a funding round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. This significant investment will be channeled towards launching new products, enhancing the customer portal, strengthening the leadership team, and accelerating the company's artificial intelligence (AI) initiatives.

“We already have a unique breadth and depth to our product that is unmatched. But we see this as an opportunity to go even further, enabling us to automate more upstream and downstream workflows,” said Srikrishnan Ganesan, cofounder and chief executive of Rocketlane, in a statement to ET. With this latest funding round, Rocketlane's total capital raised now stands at $45 million.

Rocketlane, founded in 2020 by the entrepreneurial trio of Ganesan, Vignesh Girishankar, and Deepak Bala, offers a purpose-built unified workspace for client collaboration on onboarding projects. The platform helps businesses reduce their time-to-value, optimize software implementation processes, and provide real-time visibility. Before Rocketlane, the founders managed Freshchat at Freshworks following the acquisition of their chat business, Konotor, in 2015. Konotor powered chat functionalities for popular apps such as Zomato, Swiggy, and BigBasket.

The company's impressive growth trajectory includes tripling its revenue in 2023 and gaining over 500 customers, including notable Indian SaaS companies like Amagi, Chargebee, Icertis, Verloop, Yellow.ai, WebEngage, and MoEngage. Notably, 70% of Rocketlane's revenue is generated from the US, with India being its second-largest market. However, Rocketlane plans to invest in multiple geographies, expanding into Europe, the UK, Australia, and other regions.

This fiscal year, Rocketlane aims to launch new products and expand its go-to-market strategies to support these innovations. “Additionally, we aim to build a global organization to service these products," Ganesan added.

Investors expressed strong confidence in Rocketlane's future. Bhaskar Ghosh, partner at 8VC, commented, “Speed and agility matter when you become the leader in a category like customer onboarding. Rocketlane has achieved precisely that since their Series A, showing themselves to be both visionaries and incredibly hard-nosed executors.”

Jishnu Bhattacharjee, managing director at Nexus Venture Partners, echoed this sentiment, stating, “We are thrilled to double down on backing Sri and the team at Rocketlane as they transform the PSA and customer onboarding categories with their industry-leading, AI-powered product and fast-growing list of marquee customers.”

With this new injection of funds, Rocketlane is poised to further its mission of revolutionizing customer onboarding and professional services automation (PSA) through cutting-edge AI technology and a robust global presence.