In 2015, Gaurav Singh embarked on a journey to transform the landscape of customer support. Armed with a vision of streamlining and automating this critical aspect of business operations, he co-founded Verloop in 2017. Today, Gaurav Singh’s Verloop is at the forefront of AI-driven customer support, partnering with major brands globally. Gaurav Singh’s inspiration for Verloop stemmed from his previous venture, Magic Tiger, a personal concierge service. Managing nearly 200 people across contact centers, he realized that most customer queries were repetitive and could be addressed more efficiently through automation. Leveraging his coding skills, which he had honed since the age of 13, Gaurav recognized the potential of artificial intelligence (AI) and machine learning (ML) in automating customer support. With this vision, he founded Verloop, aiming to create the operating system for automated customer support, often referred to as BPO 2.0. Verloop’s mission is to handle a significant volume of support queries by providing 24×7 multilingual, automated, and personalized customer support.
Verloop’s AI technology serves as the first line of defense for customer interactions, including chats and phone calls. The system employs AI chatbots that engage with customers, addressing their inquiries and issues promptly. If a query remains unresolved, the interaction seamlessly transitions to a human agent. Throughout this process, Verloop maintains stringent quality checks, ensuring a seamless and efficient support experience. While there are numerous conversational bots available for customer support, Gaurav Singh emphasizes that Verloop’s end-to-end approach sets it apart. The startup has also strategically focused on specific industry verticals, such as e-commerce, banking and financial services, and travel. For each vertical, Verloop has developed tailored AI models to enhance accuracy and deployment speed.
Clients who have adopted Verloop’s technology have reported significant benefits. Gaurav Tejwani, Group Chief Product Officer of The Good Glamm Group, which includes brands like Myglamm, Moms Co, Sirona, and St Botanica, highlights how Verloop’s solution has enhanced customer satisfaction and loyalty. By leveraging conversational automation on platforms like WhatsApp, The Good Glamm Group reduced cart abandonment, improved response times, and increased first-contact resolution rates, ultimately leading to an uptick in sales. In addition to traditional Software as a Service (SaaS) pricing, Verloop introduced a “success-based pricing” model. This model charges clients only for the net automation delivered. It’s based on the understanding that more data processing leads to improved AI technology. This innovative pricing approach aligns Verloop’s incentives with its clients’ objectives and underscores the startup’s commitment to delivering tangible value.
While Verloop initially focused on markets in India, the Middle East, and Southeast Asia, it has recently expanded its operations to the United States. The startup’s revenue is primarily generated from regions outside India, where cost savings are more substantial due to lower labor costs. Gaurav Singh highlights that cost per ticket can be up to four times higher outside India, emphasizing the value proposition Verloop offers to its global clients. However, building an AI startup in India comes with its challenges, notably the pressure to innovate cost-effectively. Gaurav Singh acknowledges the importance of bringing significant cost benefits over traditional contact centers to gain traction in India’s price-sensitive market. Despite these challenges, Verloop continues to invest heavily in research and development to stay at the forefront of AI and ML technologies.
Verloop has attracted significant investments, including $12 million from investors like Falcon Edge, Kris Gopalakrishnan, and K Ganesh, a serial entrepreneur known for his association with successful ventures like BigBasket, Portea Medical, BlueStone, and HomeLane. K Ganesh praises Verloop’s dedication to continuous improvement and its potential to disrupt the industry. The future of Verloop is characterized by ongoing research and development, with a focus on integrating large language models into its product at various stages of customer support. As Gaurav Singh and his team continue to innovate, Verloop’s AI-driven approach promises to redefine customer support for businesses around the world.
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