CometChat, a platform for user engagement, has raised Rs 40 crore in a Venture Debt round that was spearheaded by Zions Venture Fund of Utah. The money raised will go towards growing the company's product line, enhancing its position in Europe, and developing data centres in the APAC area.

With over Rs 145 crore in funding raised to date, CometChat has the support of illustrious investors like Signal Peak Ventures, Matchstick Ventures, Range Ventures, and Unbound Ventures. "We are a revenue-focused company that is expanding steadily in sizable international marketplaces. As a result, we were able to raise this round of funding thanks to our solid financial position and solid business fundamentals, since we are able to comfortably service our debt. The goal is to collect money for a longer runway of five years as we accelerate our expansion ambitions, according to Anuj Garg, co-founder and CEO of CometChat.

Founded in 2019 by Anuj Garg and Anant Garg, CometChat has its headquarters in Mumbai and Denver. The company offers a full-fledged messaging and communications platform within apps and websites to improve a brand’s user engagement. It allows users to get real time engagement and have conversations via messaging, voice calling and HD video chat.

The partnership with CometChat for this debt facility excites Zions. The team and what they have accomplished thus far have impressed us. Sam Clark, MD, Zions Venture Fund, adding that he was "excited to be a part of the adventure and help the Business through its phases of growth."

CometChat reports that product usage has increased by 300 percent and its client base has multiplied threefold over the past year. The organisation has handled more than 800 million contacts thus far using its B2D (Business to developer) strategy. The startup presently has 50,000 developers as users.