This conversational AI platform strives to enables businesses to deliver delightful support experiences to their customers across channels as the focus shifts to retaining customers.
The biggest challenge that all companies and brands face in this age of instant gratification is engaging customers and building loyalty. The challenges become even more pronounced in mature markets.
The global customer support automation market is growing at a CAGR of 33% and is expected to reach US$11 billion by 2023. Verloop.io was started with the objective of plugging in this need gap.
Verloop.io is a customer support automation platform that enables businesses to deliver delightful support experiences to their customers across channels. The company has over 5,000 brands, and some notable ones include ClearTrip, Nykaa, Decathlon, Dar Al Arkan, Fetchr, Livpure, Adani Capital, DSP Mutual Fund Rentomojo, and Scripbox.
The Tech Panda spoke to Gaurav Singh, Founder and CEO of Verloop.io, about their growth story.
With multiple products and brands to choose from, if a brand is unable to build delightful support, customers can switch very fast
“Customer support, unlike marketing and sales, has been underserved with technologies for a long time. In the past decade and a half, brands have channelled their energies towards customer acquisition and growth. The ruling mantra had been ‘growth at all costs’,” he explains.
However, he says, things have started to change now as brands pivot towards growing profitably.
“The laser focus has now shifted to retaining customers and retention starts at the customer support level. With multiple products and brands to choose from, if a brand is unable to build delightful support, customers can switch very fast,” he warns.
“Also, in the last ten years, most of the technology developed for customer support is internal facing/process optimisation, ticketing, QA sampling, etc. None of them enable brands to build delightful customer experiences. This is the genesis of Verloop.io. We are on a mission to become the operating system for customer support,” he explains.
“In a nutshell, we strive to be the technology that brands adopt to enable their support teams in order to deliver delightful support experiences,” he adds.
What They Do
Verloop.io is a conversational AI product for customer support teams. It enables B2C brands to automate, personalise, and scale support conversations. From enabling automation on multiple channels (Web, WhatsApp, FB Messenger, Instagram, and many others) to providing a platform for live agent chat, Verloop.io is a one-stop solution for any brand looking to automate their support conversations.
The startup aims to help enterprise businesses help their customers better. From creating more accessible outreach to building more meaningful relationships, the brand’s technology-first focus empowers businesses to get the most out of every interaction.
The startup has processed over two billion queries from customers across its clients, with over 100 million unique users having interacted with its platform.
In the last year, the company introduced new features that help monitor calls better, make chat support remote ready, and increase the automation percentage assisting brands in delivering exceptional customer service in record periods.
In terms of success, the startup has seen a year-on-year growth of 3x (both in revenue and number of brands). It’s now investing in NLP superbots that are powered by AI and can support 92% of all customer queries without human intervention.
“These superbots can enhance customer experience by ten times and allow them to converse in multiple languages and even switch between languages,” Singh explains.
Verloop.io already supports 14 languages, including Hindi, Arabic, Konkani, Tamil, Telugu, Kannada, and Hinglish (Hindi and English). The NLP superbots will be able to raise this number to 20 in the coming days.
These superbots can enhance customer experience by ten times and allow them to converse in multiple languages and even switch between languages
“What has been truly amazing for us to see as a brand, is that 90%+ of our customers have seen their customer success metrics (such as NPS, CSAT etc.) increase by 2-4x and their operational expenses reduce by close to 40% within six months,” he says proudly.
The team has seen a sharp growth with more than 300% growth in the number of 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. We are also eyeing to grow in Europe and America,” he reveals.
Inspiration & Origin
Headquartered in Bangalore, the startup was founded in 2015 and has been instrumental in supporting global brands to effortlessly and accurately scale up their customer support in a secure manner.
Singh has been passionate about technology and entrepreneurship from a young age. Before venturing into the dynamic field of conversational chatbots, he successfully set up GoDeliver, which was acquired by MagicTiger in 2015. Shortly after this, he started Verloop.io.
We realised that there needs to be a far superior technology solution in the market, one that can bring an unprecedented level of personalisation in customer interaction
“We realised that there needs to be a far superior technology solution in the market, one that can bring an unprecedented level of personalisation in customer interaction. Verloop.io through its conversation AI helps brands connect better with their customers and solve their queries more efficiently in lesser time and cost,” Singh says.
During the pandemic, when competitors were laying off people, Verloop.io doubled its workforce and at the same time, generated over 3X revenue. In the same year, the startup garnered US$5 million as a part of its Series A funding led by Alpha Wave Incubation, managed by Falcon Edge Capital, along with existing investors IDFC Parampara and Infosys co-founder Kris Gopalakrishnan.
The Verloop.io USP
While most chatbots solutions look to solve a gamut of problems, Verloop.io is focused on solving customer support challenges through conversational AI.
“Our narrow Machine Learning models helps brands deploy conversational AI faster and achieve higher coverage and accuracy.
The startup counts the likes of IBM Watson, Freshworks, Yellow Messenger, and Haptik as competitors.