New Delhi, March 28 -- Software-as-a-service (SaaS) platform JungleWorks has acquired a majority stake in sales engagement platform Outplay in a deal that paves the way for the exit of venture capital firm Peak XV Partners.
Tampa, Florida-based JungleWorks didn't disclose the financial details of the acquisition. However, Outplay said Jungleworks will invest $14 million (about Rs 120 crore) "to fuel our next chapter" of growth. It didn't elaborate.
Outplay CEO Laxman Papineni said that following the acquisition, its investors, including Peak XV, have exited the cap table, although further details were not provided. Peak XV declined to comment on the exit.
Outplay had previously raised $10 million from Peak XV Partners (formerly Sequioa Capital India), $2 million from Sequioa Capital's Surge accelerator program in 2021, and a Series A round of $7.3 million from the venture capital firm in July of the same year.
JungleWorks has offices in Dubai, Sharjah, and Mohali in Punjab. The company plans to integrate Outplay's sales engagement features with its local commerce solutions and expertise. The combined entity expects to hire over 50 professionals in 2025, the company said.
"By combining Outplay's advanced sales engagement capabilities with JungleWorks' no-code local commerce solutions and expertise, we are creating a powerful AI ecosystem that serves businesses globally," said Samar Singla, CEO of JungleWorks. Founded in 2011, JungleWorks provides hyperlocal commerce and delivery solutions using no-code tools and employs a global team of 500 members.
JungleWorks aims to bolster the Texas-based startup's AI-driven outbound sales agents, customer relationship management (CRM) tools, sales prospecting, deal management, multi-channel outreach, and automation features to improve conversion rates.
"Our focus remains on developing AI-powered SDRs (sales development representatives) and a next-generation CRM, helping businesses scale their sales efforts like never before," Laxman Papineni said in a statement.
Outplay was founded in 2019 by brothers Laxman and Ram Papineni to help sales teams close more deals. With the latest investment from JungleWorks, the company has raised a a total of $24 million in funding.
The Papineni brothers will continue in their leadership roles at the combined entity, alongside Outplay's 55-plus employees.
Published by HT Digital Content Services with permission from VC Circle.