UiPath plans to grow its business in India as companies seek ways to automate daily processes to save costs and increase employee productivity.
The multinational software company, currently valued at over $7 billion, has received a total of over $1 billion in funding from investors such as Sequoia, Capital G, Accel and the Madrona Venture Group to date.
It closed a Series D in its latest round in April, raising Coatue-led $568 million and joined by others such as Dragoneer, Wellington and Sands Capital.
In addition to the private sector where it has made strong inroads, UiPath in India works on pilot projects from government organizations such as India’s Provident Fund and Coffee Board, Bharti said.
“While we are at very initial stages, the level of interest is high,” he said.
Founded in Romania and headquartered in New York, UiPath has historically had a strong Indian connection as it first realized the country’s RPA potential when Sutherland, a Chennai-based BPO company, asked for a solution to a problem, Bharti said. Today it counts among its Indian customers some of the top companies such as Mahindra & Mahindra, Star TV, Piramal Group, Tata Steel, Kotak Mahindra Bank and HDFC Bank.
Overall, the UiPath market is divided into five geographies – US, EMEA (Europe, Middle East and Africa), Japan, Asia Pacific (APAC), and India. “India’s value as a market is obvious from the fact that it is considered as a separate market. Together, Japan, APAC and India contribute over 30 percent of our total revenue,” Bharti said.
Bengaluru is also one of the company’s three regional innovation centres. There are two others in Romania in Bucharest, and in Seattle in Bellevue.
UiPath closed December, with an annual recurring revenue (ARR) of $360 million, up from $100 million in ARR in July 2018. It has a global client base of 6,000 organizations and a community of nearly 750,000 RPA developers worldwide.