Exotel – Redefining Business Communication with Seamless Solutions
Exotel, headquartered in Bengaluru, is a renowned SaaS startup that provides cloud-based communication solutions to businesses. The company was founded in 2011 by Shivakumar Ganesan, Vijay Sharma, and Siddharth Ramesh with the aim of streamlining communication processes for companies, be it internal or external. Since then, Exotel has come a long way and has transformed the way enterprises communicate with their customers and employees.
Funding and Investors
Exotel has raised a total of $87 million to date in funding from a series of investors. In the latest funding round, the company raised $20 million from Chiratae Ventures. Other leading investors in Exotel are Blume Ventures, Helion Venture Partners, and Mumbai Angels Network. With such strong financial backing, Exotel has been able to expand its services and offer seamless communication solutions to businesses across various industries.
Performance and Achievements
Exotel has been consistently delivering exceptional performance in the communication solutions market. The company has been expanding its footprint in India and Southeast Asia, catering to the needs of businesses across industries, including e-commerce, logistics, and healthcare. With a wide range of services such as IVR, SMS, and voice communication, Exotel has been able to offer end-to-end communication solutions that are reliable, scalable, and cost-effective. The company’s commitment to innovation and customer satisfaction has led to significant growth and acclaim, including recognition by Gartner as a Cool Vendor.
Reason for Layoffs
Unfortunately, amid recent business restructuring, Exotel has laid off 142 employees from their Bengaluru headquarters. The layoffs were announced on January 17, 2023, and came as a shock to many within the company and the industry. This restructuring move by the company aimed to optimize their business processes and streamline operations for better efficiency.
Layoff Percentage and Industry
The department that was majorly affected by the layoffs was the support team, with 142 employees laid off, accounting for approximately 15% of the entire workforce. The company’s support sector has faced challenges in recent times due to the increased demand for cloud-based communication solutions. The layoffs in this sector were necessary to allow the company to focus on the development and expansion of core product offerings.
Company Statement on Layoffs
In response to the layoffs, Exotel’s spokesperson stated, ” Exotel has always prioritized its employees and has been committed to treating them with fairness and respect. A restructuring is never an easy decision, and we are deeply saddened by having to take this step. We understand the impact this will have on our employees, and we are doing everything we can to support them during this difficult time.”
Exotel’s journey so far has been remarkable, and they have played a vital role in transforming business communication with their innovative solutions. While the recent layoffs have been a setback, the company remains committed to its vision and long-term goals. Through careful restructuring and optimization, the company will realign itself to the dynamic market requirements and continue to provide exceptional services to their customers.