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Yalochat, a Mexico based instant messaging company established in 2016, recently raised 15 million dollars. The round was led by B-Capital Group with participation from Sierra Ventures, which was co-founded by Facebook Co-Founder Eduardo Saverin.
Yalochat builds a customer relationship management (CRM) platform that helps businesses simplify the use of chat applications like WhatsApp to manage sales operations and customer services. Expanding at a rather fast pace, the company has plans to use these funds to accelerate its growth rate. They already have their feet rooted in emerging markets like Latin America, India, & South East Asia, where about 85% of the users are said to actively use these messaging applications.
Led by founder & CEO Javier Mata who also has been the Endeavour Entrepreneur from Mexico, Yalochat claims to bring together the omnipresence of messaging with the strength of AI to help businesses know their customers well, engage with them directly, and serve them better. A detailed report by Yelochat revealed that, out of 10 queries, about 8 can be solved using bots and automated responses. “80 to 90 percent of the queries and complaints that are frequent, you manage to automate them and the other part you pass to an advisor to help you, we believe that the use of both worlds offers a better experience to the end-user” , said Javier while talking about the concept.
With Big B’s of the industry like Coca-Cola, Amazon, and Walmart making most of Yalochat, the platform so far has managed to create its place in an already competitive and somewhat saturated market. Talking about these collaborations Mata said “We are also working with large bottlers such as Coca-Cola so that all communication and orders are made from WhatsApp and that made life easier for the grocer, because before they had 15 different suppliers who visited him during the day and now he can do all that order without downloading an app only with WhatsApp and that has greatly affected the sale of Coca-Cola and made it easier for the shopkeeper.”
Considering there are many more established firms like Volkswagen, Walmart, Unilever, PepsiCo, RBL Bank, Aeroméxico, gravitating towards Yelochat now, it seems Ai softwares have indeed managed to create an irreplaceable place for themselves in the market. AI software market reached a value of $ 4.2 billion in 2019, and is expected to reach $ 15.7 billion in 2024, looking at the pace the industry is growing at, it seems the industry is soon going to witness the boom & competition predicted.