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Uniphore's Turnaround Story

Updated: Feb 21

Automation platform Uniphore turned unicorn after raising $400 million at a valuation of $2.5 billion at the end of the fiscal year 2021-2022.

What is happening: Founded in 2008 with offices in the U.S., India, and Singapore, Uniphore is a global conversational AI technology company that offers a customer service platform that is powered by AI and automation technologies.

  • Recently it surpassed the fiscal goal it set for itself for the previous financial year.

Why it matters: The company started in 2008 aimed at a target of $100 million for FY 22 which it has failed to reach but has still managed to stay afloat in the Indian economy considering that it gets 95% of its funding from the US.

Backdrop: The world right now is ablaze with the latest new Artificial Intelligence tool - Chat Gpt-3 by Open AI.

  • In this context, Uniphore seems to be in a good space with its AI-driven offerings.

The big picture: The firm is also reaping the benefits of a product-driven offering, with incremental revenues coming at relatively lower costs as compared to its early inroads into the market for its offerings.

  • In an industry heavily dependent on its clients, there seems to be no stopping for Uniphore as it has managed to lay its finger on the pulse of the moment.

The numbers: Uniphore’s operating revenue ballooned 9.4X to Rs 674.6 crore in FY22 from Rs 71.25 crore in FY21, according to its consolidated financial statements with the Registrar of Companies.

What else: The firm had a stretch target of  $100 million in recurring revenues by 2022, which it has missed.

  • However, it has clearly done enough to get there and more in FY2023

Read in short: In a good sign for startups and firms, recently turned unicorn Uniphore hits the $2.5 billion mark recently paving way for a brighter future.

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