“We Serve Over 2000 Customers Spanning Across Industries”

“We Serve Over 2000 Customers Spanning Across Industries”

In India, CRM is playing a pivotal role in revolutionizing business operations across sectors. With a focus on enhancing customer relationships and improving efficiency, CRM solutions are becoming indispensable. LeadSquared stands out in this landscape, navigating the evolving CRM landscape in the age of artificial intelligence. In an exclusive interaction with Rajeev Ranjan, Editor, Digital Terminal, Mr. Nilesh Patel, Founder and CEO, LeadSquared sheds light on their overall journey, growing significance of CRM across sectors and their growth ambitions.

Rajeev: Can you elaborate on LeadSquared's journey since its launch in 2013 and how it has evolved to cater to various industries?  

Nilesh: In 2013, LeadSquared started as an idea to drive efficient customer acquisition process for businesses. We got initial interest from businesses in B2C (business to consumer) segment in India that were scaling and struggling with problems like lead leakage, low sales efficiency, poor lead, and customer engagement and little or no analytics. We kept our focus on solving those challenges by building technology that is affordable for the market and kept the focus on continuously learning from our customers.  

In 2015, we started observing that some of our customers were using field teams as part of their customer acquisition journey. The challenges of running efficient feet on street teams are different as compared to teams operating from an office environment. We launched LeadSquared mobile sales platform to power workflows for FOS teams and make FOS teams efficient. The LeadSquared FOS app makes it easy for agents to capture leads on field, plan routes and journeys, customer onboarding and KYC, field investigations and power variety of workflows using low code no code platform.  

Our journey to evolve the platform and product offerings continued from there on, we were getting enough customer love resulting in solid business growth every year. To fuel our growth, we were able to attract capital in quick succession starting with Series A in 2019, Series B in 2020 and $153 million Series C in 2022 which marked a significant milestone for LeadSquared as we proudly entered the unicorn club. This was a good validation of LeadSquared products, their fitment to the market needs and that significant market opportunity exists to build a scaled business.  

We serve over 2000 customers spanning across industries BFSI, higher education, automotive, healthcare, and manufacturing. One of LeadSquared's key strengths lies in its low code no code capability, this helps businesses to tailor the platform to suit their unique requirements. Whether it is a financial institution seeking streamlined lead management processes across call center and field teams, a healthcare provider in need of patient engagement solutions, or a real estate agency aiming to optimize customer acquisition funnel, LeadSquared platform can be tailored to needs of the vertical and flexible to grow as the business evolves.  

Rajeev: Could you elaborate on LeadSquared's vertical-centric, use-case-first approach and how it benefits customers in different industries?  

Nilesh: Different industries have unique challenges and requirements, which is why we tailor our solutions to address specific use cases within each vertical. By focusing on use cases first, we ensure that our customers receive solutions that are not only relevant but also highly effective in meeting their business objectives.  

  • Education - LeadSquared offers specialized tools for educational institutions to manage student recruiting, admissions and enrolment journeys starting from intent capture, application processing, engaging students in enrolment journey to tracking effectiveness of marketing campaigns. 

  • BFSI - LeadSquared platform works well across various customer journey touchpoints for banking, lending, broking, insurance, and asset management. In banking and lending our platform drives customer acquisition and cross-sell, up-sell journeys for asset and liability products across digital channels, call center, branch banking, feet on street channel. For insurance companies, LeadSquared is used by digital teams, bancassurance and agency teams to drive new policy sales and persistency. For lenders, LeadSquared Lending Cloud offers a comprehensive suite across customer onboarding, loan origination, cross sell and up-sell, collections, and customer service. In brokerage LeadSquared platform is extremely popular as it supports high velocity lead engagement and conversion.  

  • Healthcare - Our platform provides healthcare providers with robust solutions for patient acquisition, appointment scheduling, doctor onboarding, referral management, and patient relationship management. By focusing on healthcare use cases, we offer features such as patient tracking, automated appointment reminders, and HIPAA-compliant communication channels, ensuring patient data security and facilitating seamless patient experiences. 

Rajeev: How do you look at the increasing prominence of CRM across different verticals? What kind of growth opportunities do you see currently? 

Nilesh: The increasing prominence of CRM across various verticals, including the BFSI sector, signifies a transformative shift towards personalized customer experiences. Some trends that highlight this evolution -  

  • Personalization: CRM is focusing on Persona-based targeting that helps businesses gain a deeper understanding of their target audience by creating detailed profiles that represent different segments of their customer base which helps in personalized communication. This involves delivering targeted messages, offers, and recommendations based on customer profiles, transaction history, and interactions.  

  • Omni channel engagement: CRM enables multiple touchpoints like email, SMS, and WhatsApp to engage with their customers due to easy accessibility. Traditional players have proactively bolstered their presence on social media. Touchpoints have increased to include chatbots and mobile apps.  

  • Customization: Every business has unique requirements and workflows. CRM companies need to align important systems with business processes. This enables better adoption and utilization which further leads to better customer experience.  

  • Compliance and Security: Given the sensitive nature of customer data, companies now prioritize compliance with regulations, while ensuring data security and privacy in their CRM practices.  

LeadSquared's CRM solutions cater to diverse industries, offering features to enhance customer acquisition, engagement, and operational efficiency. Tools like the Lending Cloud and WhatsApp Lending Bot streamline loan processes and debt recovery, ensuring seamless communication and personalized experiences. In the education sector, CRM technology adoption is surging to bridge communication gaps and streamline admissions. LeadSquared's solutions, like the student self-serve portal and educational WhatsApp bot, simplify registration, address queries, and create personalized student journeys, enhancing satisfaction and operational efficiency. 

Rajeev: With the surge of CRM in the BFSI sector in India, how does LeadSquared's suite of banking CRM solutions cater to the evolving needs of financial institutions?  

Nilesh: LeadSquared's BFSI offering is a suite of tailored solutions designed to address the unique needs of all types of financial institutions be it banking, lending, insurance, or AMC/brokering. These solutions encompass various functionalities aimed at enhancing customer acquisition, engagement, operational efficiency, security, and customer experience. Some of the unique features that we offer include:  

  • Lending Cloud: This helps lending businesses manage end-to-end customer and loan lifecycle. It includes an inbuilt loan origination system with a business rule engine. This enables financial institutions to attract high-quality borrowers, manage applications efficiently, and ensure timely disbursements.  

  • Collections CRM for Debt Recovery: LeadSquared's debt collection solution automates EMI collections, manages cases end-to-end, sends automated payment reminders to borrowers, assists with collections, and provides detailed analytics.  

  • Insurance: LeadSquared platform helps drive insurance sales across all distribution channels (banca, agency, direct) and maximizes policy sales & renewals digitally.  

  • Sales performance management suit: This enables incentives management, goal tracking, and target gamification for agents, brokers, DSAs.  

  • Contact center: We seamlessly capture leads coming from diverse sources and track their entire journey from inception to conversion. Agents can have multiple options of outreach like phone calls, emails, SMS, and WhatsApp messages. The contact center solution serves all types of BFSI businesses with connecting with their prospects and customers.  

Rajeev: What are your revenue targets and growth strategies for FY’25? 

Nilesh: Our revenue target for FY’25 is driven by a strategic focus on the BFSI, enterprises, higher education, healthcare, and manufacturing industries. Our focus continues to double down in India and expand rapidly in the North American market. Our commitment to serving clients better includes offering localized solutions, enhancing personalized customer experiences, and leveraging advanced technologies like AI and machine learning. By developing industry-specific CRM solutions and workflow automation tools, we strive to meet the unique needs of our clients, ensuring seamless integration and proactive support. We are keen on strategically adopting and investing in AI. The key lies in identifying the optimal applications to enhance our clients’ experiences.  

Looking ahead, we anticipate 2024 and 2025 to be pivotal years as we execute our strategic initiatives and capitalize on our investments in innovation and growth. Our goal remains to build sustainable, profitable business that delivers long-term value to our customers and stakeholders. 

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