Our investment in Convin

We are excited to announce that JSW Ventures has invested in Convin . The company has raised a total round size of $6.5 mn for bolstering their sales force and their technology stack to further build out key capabilities. Convin.ai is a conversational intelligence platform acting as an AI Copilot for contact center touch points with the primary aim to enable teams to execute better conversations and driving enhanced business outcomes.

Convin as a solutioning is present across both the revenue and cost side for any customer that they serve. For agents, where they solve for cost, Convin solves for assisting agents in real time to prioritise focus as well as evaluates agents automatically and triggers relevant coaching modules. On a business level, Convin provides actional insights for the customer to take strategic decisions at a company level affecting revenue drivers.

We look forward to work with Ashish Santhalia , Bharat Patidar , Durgesh Choudhary , Atul Shree and their team as they look to transform the AI-led contact center conversational intelligence space.

In today’s world, Conversational intelligence as a solution has been recognised as an integral part of any companies’ digital agenda. From a core thesis standpoint, contact centers are primary channels of interaction between the enterprise and the customer, with a poor customer experience a huge problem for these companies. A couple of trends to back this up:

• Over 80% of customers reported that receiving value during a service experience makes them more likely to repurchase even when given a chance to switch to a competitor.
• Only 15% of customer interactions today generate value.
• Companies that are CX leaders in their respective industries report 2x faster growth than companies that do not prioritize CX

Customer service has been gaining importance with organizations starting to view it as a revenue center rather than a cost center. Gartner estimates that spending on contact centers will increase to $38.9 bn in 2027. ??

The onset of AI has brought about efficiencies in streamlining customer service operations:

• Customer service professionals reported the three most popular use cases for AI tools were routing requests to reps, collecting and analysing customer feedback, and enabling chatbots.
• Only 34% of agents say they understand their department’s AI strategy. The need for AI is not only to improve external communication, but also to improve internal processes and train agents to do their job better
• There is a growing need for streamlining omnichannel customer service. 71% organizations use digital channels primarily for first contact and voice for resolving complex customer issues.

At JSW Ventures, we have been actively looking at AI focused startups across use cases servicing the enterprise segment in niche areas where value is in the process of getting created and segmented. While conversational intelligence and its AI driven solutioning is at the forefront from an innovation standpoint, we believe Convin is superiorly positioned to service this space even with competition from a large number of players across primary and secondary players. Their mission to revolutionize the way businesses interact, engage and listen to their customers to transform the way they serve their customer profile is something that we truly believe they have an edge on.

From the moment we first met the team, we were impressed on what they had built and were amazed by how much the company had been able to accomplish in such a short amount of time. Today, they have a strong foothold across the Consumer, Healthcare and BFSI verticals in India servicing large enterprises like Flipkart, CarDekho, Medibuddy, ICICI Lombard, ICICI Bank etc. Their vast experience and association further have enabled an impressive GTM and a clear path to scale in a sustainable manner. We are excited to see them grow into their next phase in their journey with this fundraise.

Team

All four founders bring to the table very relevant experience to the job roles they cater to at Convin. They have known each other for the last 10+ years, having graduated from IIT Delhi, and then branching out to their own career paths. Convin’s’ promising value proposition led them to leave their jobs and come together to build this out.?

Prior to founding Convin, Ashish was leading product at Byjus and prior to that at Limetray. Bharat spent time across Cognizant and quantify on the data science and modeling side. Durgesh spent time with IBM and Squarepoint Capital delivering on the technology side while Atul focuses on machine learning, having spent time at Squarepoint Capital with Durgesh.

Worldwide contact center and contact center conversational AI and virtual assistant end-user spending is projected to total $18.6 billion in 2023, an increase of 16.2% from 2022. Conversational AI end-user spend was also estimated to reach $2 bn in 2022. We are very positive on the vast opportunity that exists and how Convin can be a leader in this space!

We’re excited to be a partner in Convin’s’ journey. If you would like to learn more about what they are building, I am more than happy to spend time on a call. Feel free to send me an email at [email protected] !