U.S.-based Coinbase cryptocurrency exchange has acquired India’s Agara, an AI-powered support platform with operations and the U.S. in an effort to make customer service and assistance easier for users. While the firms did not disclose the financial details of the acquisition, the size of the deal remains between $40 million and $50 million, according to sources familiar with the matter.
Coinbase Acquires AI-powered India’s Agara Customer Support Platform
Coinbase aims to utilize Agara’s deep expertise in machine learning (ML) and natural language processing (NLP) to automate and enhance its customer experience tools. The move comes just months after Coinbase began hiring in India this year and laid out a strategy to build a high-quality tech hub.
“The acquisition reinforces our commitment to delivering world-class support for customers, and brings Agara’s deep expertise in machine learning (ML) and natural language processing (NLP) to Coinbase’s engineering team. It also reconfirms our strategy to continue to build out our tech hub in India,” the announcement read.
According to Coinbase, the platform has increased customer staff support headcount by over 5 times and will deliver 24/7 support phone support and live to message by the end of the year. Through the recent acquisition, the platform hopes to offer customers new personalized, intelligent, and real-time support options.
Coinbase Plans Accelerated India Expansion
Four-year-old Agara, which started in India runs operations in the U.S and has raised around $7.5 million to date from the likes of Blume Ventures, RTP Global and UTEC Japan, and Kleiner Perkins prior to the acquisition. The startup offers integrations with a number of popular services such as Salesforce, Shopify, and Twilio.
Over the past months, Coinbase has been eyeing expansion in India. In April, the company hired Pankaj Gupta as the vice president of engineering and site lead for India who was previously Google Pay’s engineering lead in India and the Asia Pacific. The Nasdaq-listed firm is also the backer of two crypto unicorns of India CoinSwitch Kuber and CoinDCX.
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