Conversational Commerce Platform Yalo raises $50 million in a Series C led by B Capital Group
Yalo, the San Francisco-based conversational commerce platform formerly known as Yalochat, announced on Wednesday that it has raised $50 million (approximately Rs 363.09 crore) in a Series C round led by returning investor B Capital Group.
The company which has operations in the United States, Mexico, Brazil, and India, will use the capital to develop new product offerings such as conversational marketing and payment solutions, as well as to expand its presence in Latin America and Southeast Asia.
Yalo, founded in 2016 by Javier Mata and Renato Barrios, is also backed by Sierra Ventures, which made a Series A investment in the company in 2019. Yalo has raised $75 million in equity capital to date, with the current round of funding.
“Yalo has become the leading conversational commerce company, revolutionizing the way large enterprises engage with their customers and enabling them to transact through chat applications. We have been impressed with their execution and are very pleased to expand our relationship with them by leading their Series C round,” Eduardo Saverin, co-founder of B Capital Group and co-founder of Facebook said in the statement.
Yalo's conversational commerce platform offers a suite of enterprise products such as marketing, helpdesk, and payment solutions, as well as sales on top of messaging apps. The firm collaborates with retailers and consumer packaged goods companies such as Coca-Cola, Unilever, Nestle, and Walmart.
According to a BCG report, conversational commerce is already a $35 billion market with the potential to reach $130 billion by 2025 in emerging markets.
"For a long time, enterprise digital transformation has been synonymous with complexity; not anymore. Conversational commerce is a simple technology solution that enables brands to meet end-users where they already are in their favorite mobile communication channels," Javier Mata, Founder and CEO, Yalo, said.
The company claims to have seen a 120 percent year-on-year revenue increase in 2020 as a result of the pandemic's push toward digital transformation.
Yalo hired Mumbai-based JSW Cement in February to digitise its sales and marketing functions.
During the COVID-19 pandemic, Yalo enabled companies such as Coca-Cola to shift from offline to conversational commerce, resulting in a more than 20% increase in sales. Similarly, the startup assisted US retailer Sears in increasing its c-commerce conversion rate by 260 percent.
The company which has operations in the United States, Mexico, Brazil, and India, will use the capital to develop new product offerings such as conversational marketing and payment solutions, as well as to expand its presence in Latin America and Southeast Asia.
Yalo, founded in 2016 by Javier Mata and Renato Barrios, is also backed by Sierra Ventures, which made a Series A investment in the company in 2019. Yalo has raised $75 million in equity capital to date, with the current round of funding.
“Yalo has become the leading conversational commerce company, revolutionizing the way large enterprises engage with their customers and enabling them to transact through chat applications. We have been impressed with their execution and are very pleased to expand our relationship with them by leading their Series C round,” Eduardo Saverin, co-founder of B Capital Group and co-founder of Facebook said in the statement.
Yalo's conversational commerce platform offers a suite of enterprise products such as marketing, helpdesk, and payment solutions, as well as sales on top of messaging apps. The firm collaborates with retailers and consumer packaged goods companies such as Coca-Cola, Unilever, Nestle, and Walmart.
According to a BCG report, conversational commerce is already a $35 billion market with the potential to reach $130 billion by 2025 in emerging markets.
"For a long time, enterprise digital transformation has been synonymous with complexity; not anymore. Conversational commerce is a simple technology solution that enables brands to meet end-users where they already are in their favorite mobile communication channels," Javier Mata, Founder and CEO, Yalo, said.
The company claims to have seen a 120 percent year-on-year revenue increase in 2020 as a result of the pandemic's push toward digital transformation.
Yalo hired Mumbai-based JSW Cement in February to digitise its sales and marketing functions.
During the COVID-19 pandemic, Yalo enabled companies such as Coca-Cola to shift from offline to conversational commerce, resulting in a more than 20% increase in sales. Similarly, the startup assisted US retailer Sears in increasing its c-commerce conversion rate by 260 percent.
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