Sunday, May 26

US-based RPA Firm Raises $225 million from CapitalG and Sequoia Capital

Robotic Process Automation (RPA) software company UiPath has secured funds amounting to $225 million in Series C funding. The round was co-led by existing investor CapitalG and new investor Sequoia Capital.

Another investor that participated in the funding round included existing investor Accel Partners. This particular fundraise has valued the company at $3 billion, a three-fold increase from $1 billion valuation in March.

The RPA firm plans to use these funds to gear up its India operations and for product development. Also, the company plans to increase its India workforce from 250 to 1,200 by end of 2019. Along with this, a part of funds will also be used to expand its presence to eight cities including Chennai, Pune, Hyderabad and Kolkata, while ramping up workforce across all functions in Bengaluru, Mumbai, and Gurgaon.

“We aim to expand our domestic sales, pre-sales, support and channel development organizations in the Indian market to ensure a seamless experience for our customers and partnerssaid Rajeev Mittal, Managing Director India, UiPath.

Currently, UiPath has more than 1,800 global customers and claims to be adding six new enterprise customers per day. Globally, the company expects to have more than 1,700 employees by the end of 2018, a three-fold increase in 12 months, with operations in 30 offices across 16 countries.