"We are very focused on large enterprises. We have identified around 1,000 large enterprises in India and want to onboard at least 200 of them. Today, we have over 50 large enterprise partnerships,” Agrawal said.
The startup’s enterprise customer base includes companies such as Housing.com, Eureka Forbes, BankBazaar, Tata Digital, Angel One, Shiprocket and Delhivery. Squadstack focuses on AI powered telecalling solutions.
While the company plans to add another 150 large enterprise customers over the next year, it is also aiming to begin experiments and forge partnerships in overseas markets, including Southeast Asia and the Middle East and North Africa (MENA) region, where Agrawal believes enterprise AI adoption patterns closely resemble India.
One of its biggest deployments for the company to date includes business-to-business marketplace IndiaMART. Squadstack has developed an AI-powered concierge solution for IndiaMART that helps buyers connect with sellers. The system handles product discovery, gathers buyer requirements and routes leads to the most suitable sellers on the platform.
The partnership between Squadstack and IndiaMART began as a pilot in July 2025 and has now scaled up to full deployment after nearly a year of testing and refinement. The AI system currently facilitates around 100,000 buyer interactions daily, accounting for over 80 per cent of buyer-seller conversations. The solution operates across voice calls, WhatsApp, text and in-app channels.
With the entire process conducted by AI, from the first connection to the final handoff, without a human in the loop, it has resulted in 1.3 times increase in conversions, 10 per cent improvement in quality, 40 per cent reduction in costs, and an 80 per cent AI connectivity rate, compared to 50-60 per cent for human agents working the same lead pool.
The startup's revenue model with IndiaMART is based primarily on the volume of interactions handled, alongside performance metrics such as conversation quality and lead conversion rates.
Alongside, Squadstack is building conversational superintelligence with Nvidia, marking a shift from voice automation to decision-capable systems that are hyperpersonalised and hypercontextual. “This will enable our voice agents to dynamically adapt tone, dialect, and persuasion styles based on individual users, while guiding each conversational turn using real-time models for intent detection, sentiment analysis, compliance checks, and next-best-action optimisation,” Agrawal added.
The company raised ₹13 crore in its pre-Series-A round in 2017, with the investment being led by Blume Ventures. In 2020, it raised ₹37 crore in a Series-A round, followed by a Series-B round in 2022 (₹140 crore).
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