India, July 29 -- Early and growth stage investment firm Tenacity Ventures has joined the cap table of AI-powered customer engagement platform Exotel via a secondary transaction, sources told Inc42.

Confirming the development, a spokesperson of Exotel said that Tenacity became an investor in the company through secondary purchase of shares, primarily from vested ESOP holders.

PE firm Sistema Asia Capital also sold a part of its stake in Exotel to Tenacity via the secondary transaction, one of the sources said.

Another source said that Tenacity purchased the shares at about 40% lower valuation than in the previous round. "The shares were bought at INR 45,000 apiece compared to the earlier valuation of INR 75,000 apiece," the source adde...