Multi-channel sales engagement platform Outplay has completed a series A fundraising round of $7.3 million from Sequoia Capital India. Outplay will use the funds raised to invest in technology and hiring exceptional talent across the globe. The company has claimed to grow 4X in revenue, 3X in team size since its seed fundraise of $2 million from Sequoia Capital India’s Surge early this year. The continued partnership with Sequoia Capital India is a testament to the fact that the sales engagement space, which is poised to be a $5.59 billion market by 2023, is a huge opportunity for the company, Laxman Papineni, CEO, Outplay said.
“Outbound sales teams are truly the dark horse of the sales organisation – the targets are high, but the methods aren’t scientific. Outplay is committed to making outbound outreach data-driven, so that sales teams are talking only to the warmest prospects at any given point across multiple channels, optimising time and resources,” Papineni commented.
While businesses today rely on a combination of inbound and outbound sales models to drive revenues, outbound sales has not evolved much in the last few years. Outbound sales teams typically use high-volume tactics to drive revenue which is not a scalable approach, the company said. Hence, Outplay aims to change the situation by bringing predictability to outbound sales and help every salesperson talk to the right prospect at the right time through the right channel. Outplay also offers support to ensure software adoption across customer teams.
Outbound sales needs are evolving rapidly and reps now need personalised, automated and contextual tools to drive sales which Outplay is successfully enabling, Harshjit Sethi, principal, Sequoia India said. “Sales reps spend an average of four hours per day on Outplay, demonstrating the effectiveness of the product which has category-leading customer reviews. Additionally, rapid digitization due to Covid has been a significant accelerant for the business and we believe these tailwinds will continue as outbound sales becomes more digital,” he elaborated.