Bhart iAirtel on Wednesday said it has picked up a strategic stake in tech startup Waybeo under the Airtel Startup Accelerator Program.
“As part of its strategy to scale up its cloud offerings, Bharti Airtel (“Airtel”) today announced that it has picked up a strategic stake in tech startup Waybeo under the Airtel Startup Accelerator Program,” the telco said in a statement.
The company, however, did not divulge into the financial details of the deal.
Trivandrum-headquartered startup, Waybeo, is focused on deep Al based analytics for cloud telephony. It is the fifth startup, (after Vahan, Spectacom, Lattu Kids and Voiceze) to join the fast growing Airtel Startup Accelerator Program, which helps promising startups unlock their potential.
As per IDC, the public cloud services market in India is likely to reach US$7.1 billion by 2024. Within this, the cloud telephony market is seeing rapid growth as businesses move processes to cloud based platforms.
“Waybeo has built cutting-edge analytics tools for the enterprise cloud telephony segment. Under the Airtel Startup Accelerator Program, Waybeo’s solutions will get larger distribution reach while giving Airtel access to Waybeo’s proven as well as emerging technologies,” the statement added.
Backed by an integrated product portfolio, including its multi-cloud product and solutions business, Airtel serves over 2,500 large enterprises and more than a million emerging businesses.
Bharti Airtel Chief Product Officer Adarsh Nair said, “Cloud technologies are transforming the way businesses serve and delight their customers”.
Waybeo CEO Krishnan R V said the company is “focused on enterprise adoption for our call intelligence tools. Most of the enterprises drive hundreds of thousands of phone calls a month. There is no analytics, no automation, and no means to optimize the customer experience. We look at strategic investment from Airtel as an opportunity to scale our technology and enterprise reach,” he said.
Airtel Startup Accelerator Program, which allows start-ups to leverage Airtel’s robust ecosystem, including its core strengths in data, distribution, networks and payments. This includes access to a vast online and offline distribution network, deep market understanding and platform of global strategic partners. Further, start-ups also get access to advisory services from Airtel’s executive team.