Racetrack uses AI to assist in sales and general support improving communication. It further works with improving communication through speech, voice, mailers and other multimedia options. Furthermore, the AI used by Racetrack can mimic human thought which is a major advantage. As most organizations, they are keeping up with their times by innovating and using the latest technology to further add value to their business.
“We have successfully onboarded major players or opinion makers from verticals like real estate, healthcare, mutual funds, home rentals, hospitality, and others on to our platform in the early stages”
Customer relation is one crucial aspect that maintains relationships in the business world. Very often companies have the best customer support teams but most of the customer difficulties go unsolved. Racetrack enables companies to use their software so they would be able to provide all their customers with a personal assistant. This assists businesses to create better experiences and improve loyalty for their customers. The AI makes them more efficient, provides better customer satisfaction and thereby after sales and increases the revenue that they would make.
The market for AI has been growing in the last couple of years. Research shows that it can reach up to $60 B by 2020. Currently, the company is working on an annual turnover of 250 crores by the end of the financial year 2019. They are further working on getting their hands on 15-20% of the global AI market as well.
Racetrack is headquartered in Bangalore, the IT hub of India. The current clients that the company works with real estate, healthcare, hospitality, education, investment banking, and e-commerce which has been their primary market. The company was started by Subrat Parida (IIM Bangalore alumni) and Navneet Gupta (BITS Pilani). The rest of the core team included Joydeep Biswas, Anirban Chakraborty, Premm Raj and Vinay.
The company knows that they have a high growth potential since AI is the need of the hour. Most companies are moving to AI wherever possible as well. Racetrack.ai further works with both B2B and B2C business models, which is an added advantage.
Currently, the company has 31 employees working full time. However, they are planning on increasing their numbers to 45 within the next 6 months. Working on the product for some time now, the founders realized that the availability of information defines how successful their product is or is not going to be. However, over time, they have worked toward gathering all the information through their chatbot to better understand the needs of their users.
Moving forward, they are planning on allowing their chatbot to start speaking in other languages as well. Spanish, French, Hindi, and a couple of other languages seem to be the benchmark but they are kicking this up a notch and would be adding voice based and other multimedia interactions.
To add to all of this, the pricing model that they use works on a ‘pay- per-use’ and ‘success fees’ depending on the business that they manage to haul in. The company raised $400k in their previous round of funding.