Press Releases » Business Wire IndiaPosted at: Nov 14 2024 11:00AM E-Commerce AI Startup BiteSpeed Raises USD 3.5M Funding, Led by Peak XV’s Surge
BiteSpeed Team
- This brings BiteSpeed’s total capital raised to
5.6M, following two previous rounds: a
1.9M round led by Peak XV’s Surge and a
275K round led by Whiteboard Capital.
- The E-commerce AI startup also has more than 30 angel investors including Kunal Shah (CRED), Ritesh Malik (Innov8), and Gaurav Sharma (SaaSLabs).
- The AI Customer OS for E-commerce startup plans to use the new funds for global expansion, hiring, and product innovation.
- Founded in 2019 by BITS Pilani graduates, the startup serves 2500+ Shopify brands in 50+ countries including the likes of Skybags, Ugaoo, and Zouk
BiteSpeed, an AI-powered Customer OS for e-commerce brands, today announced the successful closing of its
3.5M Pre-Series A funding round. The round was led by Peak XV’s Surge, with participation from Whiteboard Capital, Gaurav Munjal (CEO, Unacademy), Aakash Anand (CEO, Bella Vita), and Dhruv Vohra (APAC Head, META), amongst others. This round brings BiteSpeed’s total capital raised to
5.6M, following two previous rounds totaling
2.1M led by Peak XV’s Surge and Whiteboard Capital, along with 30+ prominent angel investors such as Kunal Shah (Founder, CRED), Ritesh Malik (Founder, Innov8), and Gaurav Sharma (Founder, SaaSLabs) among others.
With the newly raised capital, BiteSpeed plans to accelerate its hiring efforts across marketing, sales, and technical departments to support its global expansion. Key growth regions include North America, Europe, the Middle East, and Southeast Asia. The company also aims to deepen its research and development efforts, particularly in generative AI, to further enhance its suite of products for e-commerce brands.
Vinayak Aggarwal, Founder & CEO of BiteSpeed, commented, "This new funding round gives us the necessary ammunition to empower e-commerce brands with an AI-native marketing, support, and chatbots suite that unifies their customer engagement while driving 25%+ owned revenue growth. We’re excited to scale our operations globally and make deeper R&D investments to further transform the e-commerce landscape."
Pradeep Krishnakumar, Cofounder of Zouk, commented, "BiteSpeed has been a partner in our growth journey from the early days helping us streamline our customer journey and maximise retention revenue, we congratulate the team on this milestone and look forward to a continued partnership for the long term."
BiteSpeed empowers e-commerce brands with an AI-powered marketing, support, and chatbots suite that drives over 25% additional brand revenue by streamlining customer communication across multiple channels, including WhatsApp, Email, SMS, Instagram, and Push Notifications. This further sits on top of a customer data platform to personalize customer engagement and extract rich customer insights through deep segmentation and analytics capabilities.
The startup serves 2,500+ Shopify brands in 50+ countries with a strong customer base in India, the Middle East, Southeast Asia (SEA), Europe, and North America. Its notable customers include Skybags, Ugaoo, and Zouk. The platform is specifically tailored to meet the needs of e-commerce brands, helping them optimize their operations and boost revenue through AI-driven innovation.
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