Agara

Startup Agara, founded in 2017 by a development team from India, calls itself the future in the field of communications between business and consumer. Agara develops AI solutions for real-time processing of customer support calls. The platform can handle calls completely autonomously or in real time provide the human operator with hints for quick and successful interaction with the client during telephone conversations.

History

2021

Coinbase bought Agara

On November 2, 2021, Coinbase, one of the world's largest cryptocurrency exchanges, announced its first acquisition in India. The startup Agara, which manages a customer support platform based on artificial intelligence, is absorbed.

The companies did not share the financial details of the acquisition, but, according to media reports, the size of the transaction is from $40 to $50 million. A Coinbase spokesman declined to comment. Agara co-founder and CEO Abhimanyu also declined to comment on the size of the deal, citing a confidentiality agreement.

Coinbase, the largest cryptocurrency exchange in the United States, bought the Indian company Agara

Agara has accumulated deep knowledge in machine learning and natural language processing, which are used to improve user interaction. The startup, which employs more than 40 people, has gathered several large customers around the world and offers integration with a number of popular services, such as Salesforce, Shopify and Twilio. After the acquisition, Agara will switch to Coinbase, Abhimanyu said.

According to him, the technical team of the startup, most of which works in India, will join Coinbase as part of the deal. Both firms expect to close the deal at the end of 2021. This move came a few months after Coinbase outlined its strategy to create a technology center in India and hired Pankaj Gupta, the former head of Google Pay, in the country.

We plan to use Agara's powerful technology to automate and improve our customer service (CX) tools. Improving our CX remains a top priority for Coinbase - over the past few months, we have increased the number of support staff 5 times and announced that by the end of the year we will provide 24-hour telephone support and real-time messaging. Thanks to this acquisition, we will be able to provide our customers with new personalized, intelligent real-time support options, "said Manish Gupta, executive vice president of development at Coinbase.[1]

Attracting $7.5 million of investments

In early February 2021 startup , Agara, which is developing a service to improve the quality of customer support, raised $7.5 million. The financing round was led by the Japanese company UTEC, current investors - Blume Ventures and the fund also invested in the startup. Leonid Boguslavsky RTP Global

In 2021, Agara plans to double its team of machine learning and data processing specialists. The startup is also going to create its first research group in Bangalore, devoted exclusively to the study of AI. According to Agara, its solution can solve all the problems that customers often encounter when contacting support services.

Founder of the RTP Global Foundation Leonid Boguslavsky

Agara virtual voice agents use machine learning to understand intentions in speech, make intelligent decisions to process requests, and discuss specific decisions with customers. With Agara assistants, enterprises can significantly improve the quality of support and reduce costs, since AI service increases the speed of accepting calls, reduces their duration, reduces hold time to zero.

In 2020, we processed more than a million calls and a million emails in 12 countries across all continents in four languages. With a new surge in demand, we are confident that this number will increase to more than five million calls, "said Agara co-founder and CEO Abhimanya Maheswaran.[2]

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