Convin Founders (L-R): Ashish Santhalia, Bharat Patidar, Durgesh Choudhary, Atul Shree
How many times have you heard “This call is being recorded for quality assurance purposes”? Have you ever wondered what happens once your call is over? Is there an army of quality assurance professionals or sales managers that listens to your calls in detail to improve their customer call processes? Probably not. Currently, only 1-2% of calls are to listened manually and feedback cycles for reps are extremely long (can take 1-2 months). It is unviable to manually measure & analyse KPIs, and the overall coaching/ QA process is non-scalable.
Convin is solving this large-scale problem through its assisted sales platform that leverages conversational intelligence to make sales teams more efficient. Convin automates conversation analysis, assists agents to sell better, improves productivity for agents, and enhances end-customer experiences.
Convin is built for large contact centres to improve efficiency. Use cases spanning B2C
Trends shaping the future of SalesTech –
One of, if not the most, important component of every firm is sales. But the world of sales is evolving at a breakneck pace through tech. The disruptive circumstances of 2020 catalysed an acceleration of SalesTech adoption – leveraging distributed sales teams, remote selling, and an expanding array of digital customer touchpoints.
- Remote & hybrid sales workforce: More than 75% of buyers prefer online interactions, emerging salestech will solve for remote selling – making it faster, more convenient. By 2025, 80% of B2B sales interaction will be online.
- Personalising the buyers’ experience: The personalisation journey has multiple stages – tracking the preference, running suitable campaigns, following up by sharing sales assets and insightful reports to alter the process. Sales software has the potential to disrupt sales workflow and increase ROI through personalised sales technology.
- Joining forces with AI: At present, sales software follows discreet algorithms that require significant human interaction to close sales loops. The next leap in in sales tech will be driven by salestech players who capture meaningful data and begin automating large segments of the sales workflow.
Market Opportunity:
A specific user segment, in the world of sales, with low adoption of SalesTech is B2C entry-level sales agents. Today, across India and the Asia-Pacific region, there are over 2.5M sales reps focused on B2C sales. Over 70% of these sales reps engage in telephonic sales calls on a weekly basis. However, the level of revenue insights and tech assistance available to these reps lags behind that of salespeople in other industries. More specifically, these gaps exist for retail-focused sales in industries such as automobiles, real-estate, financial services, hospitality, education, and insurance.
Based on estimates, companies are willing to spend $200 per year per sales rep to optimise revenues and make sales more efficient. Today, the total addressable market for SalesTech solutions that assist and improve sales rep performance for B2C companies is nearly $0.5 Billion in India and Asia Pacific alone.
Why Kalaari invested in Convin
Founding team with deep technical expertise
Convin’s founding team, Ashish, Bharat, Atul, and Durgesh, come a diverse skillset and deep technical expertise. The team has seen the sales efficiency first-hand at their previous organizations and have product thinking clarity alongside a passion for solving a critical problem.
Convin is targeting whitespaces in SalesTech and Conversational Intelligence –
- Few SalesTech solutions focus on solving use cases for B2C sales. B2C sales is significantly different from B2B sales – shorter sales cycles and a higher frequency of unique calls that are objective/ transactional in nature.
- Emerging markets such as Indian & SEA markets are a large opportunity that have only recently hit an inflection point – most B2C sales interactions have gone online/ hybrid.
- Convin is building for 0 dependencies on manual intervention for feedback and real-time insights on sales calls. Additionally, Convin’s platform has vernacular conversational intelligence capabilities that allows the platform to capture and analyse sales call data agnostic of the language used.
We are excited to partner with Convin to build a SaaS business that makes sales and customer interactions efficient for organisations across the globe.
Kalaari Capital is an early-stage, technology-focused venture capital firm based out of Bengaluru, India. Since 2006, Kalaari has empowered visionary entrepreneurs building unique solutions that reshape the way Indians live, work, consume and transact. The firm’s ethos is to partner early with founders and work with them to navigate the inevitable challenges of fostering ideas into successful businesses. At its core, Kalaari believes in building long-term relationships based on trust, transparency, authenticity, and respect.
If you are an entrepreneur (or know an entrepreneur) building a company in the SaaS space, please write to us at [email protected].