In December 2020, Indian cloud telephony SaaS startup Exotel raised raised VC Circle Exotel closes A91-led round; Mumbai Angels investors exit with bumper returns Read more a new funding round. Unsurprisingly, it earned cursory media attention. In a world where rounds of hundreds of millions of dollars are de rigueur, a Rs 40 crore (US$5.4 million) fundraise is hardly worth more than a passing mention.
But this round was unusual in many respects.
Bengaluru-headquartered Exotel is an unusual software-as-a-service (SaaS) startup.