Conversational commerce platform, Yalo, on Wednesday said that it has raised $50 million as a part of its Series C round of financing, led by existing investor B Capital Group, a venture capital firm co-founded by Facebook founder Eduardo Saverin.
With this, the total funding raised by the startup stands at $75 million, till date.
Yalo, which has operations in the US, Mexico, Brazil and India, will use the financing to deepen its presence in Latin America and Southeast Asia, while funding new product development, including conversational marketing and payments solutions.
The six-year-old startup enables businesses in emerging markets to do commerce on top of the messaging apps. The Yalo platform allows companies the ability to run their sales and customer service workflows on top of messaging.
“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.” said Saverin, who previously co-founded Facebook.
Currently, Yalo’s clientele includes Unilever, Nestle, Coca-Cola and Walmart.
In Latin America alone, the startup is supporting companies with a combined customer base of 350 million and sales volume of $81 billion.
“Conversational commerce is rapidly becoming e-commerce 2.0 by enabling brands to connect critical business systems with consumers on messaging apps, where they already spend 84% of their phone time, particularly in our core markets of Latin America, India and Southeast Asia. We will use this round of financing to fund the development of new conversational commerce products and add further value for our global customers,” said Javier Mata, founder and chief executive officer of Yalo.
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.
This article was first published on livemint.com.