US-based robotic process automation (RPA) firm UiPath is foraying into India to sell its Automation Intelligence software to technology driven verticals like IT, BFSI, and the government, a company official said on Tuesday.
“Opportunities for us India are huge, ranging from sectors like IT to BFSI (banking, financial services and insurance) and healthcare to government,” UiPath India Chief Executive Raghu Subramanian told reporters here.
Noting that India was in a prime position to become an RPA powerhouse owing to its rapid adoption and growing talent pool, he said the company was committed to invest here to realise its global vision of “a robot for every person” and create a talent base of 50,000 automation-trained professionals.
Outlining the huge potential for RPA and the prospect of making India the base for automation talent globally, Subramanian said the technology uses a software robot to run application in the same way a person works.
“RPA configures software that will automate the activities or tasks previously performed by humans and aims to replace repetitive tasks performed by humans, with a virtual workforce. Humans then make judgmental calls, handle exceptions and provide oversight,” he said.
The company, which last week raised $568 million in Series D funding from Coatue, Dragoneer, Wellington and Sands Capital, claimed that its average rate of return has grown from $200 million from $8 million in two years and valuation to $7 billion from $110 million.
“At $7 billion valuation, UiPath is one of the fastest growing AI enterprise software firms worldwide,” a company statement said.
According to UiPath co-founder Daniel Dines, businesses the world over were augmenting workforces with software robots, accelerating the digital transformation of their operations and freeing employees to spend time on more impactful work.
“UiPath is leading this workforce revolution, driven by our core determination to democratize RPA and deliver on our vision of a robot helping every person,” he said.