Rocketlane, a fast-growing player in the customer onboarding space, has successfully raised $24 million in its Series B funding round. The funding, co-led by leading investors 8VC, Matrix Partners India, and Nexus Venture Partners, underscores Rocketlane’s growing influence in professional services automation.
Origins and mission
Founded in 2020 by former Freshworks executives Srikrishnan Ganesan, Vignesh Girishankar, and Deepak Bala, Rocketlane aims to revolutionize customer onboarding with its innovative platform. It integrates employees, finances, and projects into a unified workspace, enabling seamless collaboration across businesses.
Financing growth
This latest funding round follows Rocketlane’s previous success, raising $18 million in its Series A round led by 8VC in 2022. The current infusion brings Rocketlane’s total funding to $45 million, further strengthening its ability to develop advanced AI-powered capabilities that are critical to improving the delivery of client projects.
Strategic expansion and leadership
In addition to securing funding, Rocketlane has appointed Rao Adavikolanu as its Chief Marketing Officer (CMO), a pivotal move aimed at strengthening market presence and strategic initiatives. Rao’s previous experience as CMO at Pilot.com makes him well-positioned to lead Rocketlane through its next phase of growth and expansion.
Market potential and future prospects
The customer onboarding platform market is poised for substantial growth, with projections indicating an increase from $1 billion in 2020 to $2.5 billion by 2025, reflecting a robust CAGR of 20.4%. Rocketlane’s strategic focus on leveraging AI aligns perfectly with this upward trend, enabling it to remain competitive in a dynamic market landscape.
Industry Trends and Competitive Landscape
Rocketlane’s success reflects broader trends within the Indian SaaS startup ecosystem, where companies are increasingly integrating AI to streamline their operations. This trend is exemplified by peers like Fractal Analytics, which are using AI to optimize functions such as recruitment processes, improving efficiency and scalability.
