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Akosha raises $16M Series B funding from Sequoia Capital

akosha

Delhi-based online customer feedback platform Akosha has raised $16 million in a series B round of funding led by existing investor Sequoia Capital. The company had previously raised $5 million is a series A round of funding in July last year and a seed investment of $200,000 in September 2011, both from Sequoia Capital.

Akosha will use the funding to hire over 200 software engineers and product managers to further build its platform and develop its mobile apps. The company currently offers a platform for consumers and businesses to interact with each other. Consumers can connect with businesses using Akosha’s mobile app, website or customer care helpline.

Akosha also escalates consumer complaints to the said company’s escalation team which it then follows up with to resolve the issues. The user is updated through phone, SMS and email and if the complaint is unresolved, Akosha aids in approaching the consumer forum by drafting the complaint with an affidavit. The user needs to sign those documents and submit them to start the process. Akosha charges consumers a fixed processing fee for complaint resolution.

As of now, the platform claims to handle over 30,000 consumer inquiries everyday, including on its mobile app, which it claims sees over 18,000 chat sessions everyday. Other than charging consumers a processing fee for complaint resolution, Akosha monetizes by providing OneDirect, a social CRM platform that offers solutions for customer service benchmarking, reputation management, and online feedback CRM.

The company currently claims to have over 130 brands using its OneDirect platform to respond to consumer inquiries of which around 30 are paying customers that subscribe to the premium version of the enterprise offering. These clients include Kotak Mahindra Bank, Voltas, Aircel, Snapdeal, Micromax and Makemytrip.

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Haptik-Akosha accusation: In March, Haptik, an app which lets its users get customer service for queries and company transactions, had accused Akosha of cloning its app.  Haptik CEO Aakrit Vaish had pointed that both apps appear to have an identical interface, and the text that Akosha allegedly initially used in its Android App page description appears to be the same as for Haptik. To this, Akosha’s founder and CEO Ankur Singla responded by saying that for Haptik to say that Akosha has copied its app is “a leap of imagination and faith.” More on this here.

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