Verloop.io to transform Conversational AI market in Europe, America

New Delhi [India], August 26 : The customer service landscape has changed radically with the increased adoption of artificial intelligence (AI). According to reports, 50 per cent of consumers no longer care if they are dealing with humans or AI-enabled assistants.
Backed by this trend, customer support automation platform Verloop.io, in FY21, witnessed a three-fold growth and it continues to enjoy "unrivalled momentum" in India and the Middle East.
Gaurav Singh, Founder and CEO, Verloop.io said that the company now plans to strengthen its international foothold and aims to grow in Europe and America. He further mentioned that last year the team clocked a 300 per cent growth in clients and revenue.
"With our recent expansion into the South-East Asian Market and brands adopting Verloop.io at a super-fast pace, we are now looking to grow aggressively in the second half of this year both in terms of geographical expansion and technological offerings. We are also eyeing to grow in Europe and America," Singh said.
Conversational AI is the best propeller of self-service platforms. Businesses with the help of these chatbots are able to help their customers 24X7, resolve their queries in real-time without any human intervention, and also help multiple customers at once.
The adoption of these chatbots has increased multiple folds in this post-pandemic world. Brands are automating their services that will be beneficial not only now but also bring results in the long run.
"In 2020, Verloop.io became one of the biggest chat automation processors in India. To pave for further growth, the company has also established a new office in Abu Dhabi office and established Verloop Labs Limited," said Singh.
Research predicts that the market for conversational AI will grow from USD 4.2 billion in 2019 to USD 15.7 billion by 2024.
Singh informed that "We had raised Series A Funding in August 2020. At that juncture, we had raised USD 5 million through Falcon Edge Capital along with existing investors IDFC Parampara, Kris Gopalkrishnan and K Ganesh."
In June this year, the customer support automation startup announced that it has invested as much as USD 2.5 million into developing super bots that can understand natural languages, called NLP super bots, for improving support automation.
These funds are allocated from the Series A funding that was raised in 2020, the company said in a statement.
Commenting on the journey of the brand and the future outlook of Conversational AI, Singh said, "We started automating chat in the year 2017-18 and we have seen great adoption with brands like Nykaa, Decathlon, Lido Learning amongst other global brands such as ADIB and Landmark Group."
He said conversational AI has immensely reshaped the current support interactions. "We foresee chatbots getting industry-specific. As per the data that we have, we have seen that the industry-wise queries differ substantially. We see current chatbot providers maturing into other channels," Singh added.