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Exclusive: Cloud telephony platform Exotel suffers data breach

EntrackrEntrackr · 10m ago
Exclusive: Cloud telephony platform Exotel suffers data breach
Medial

Cloud telephony platform Exotel has suffered a data breach that may have compromised details of its clients, sources familiar with the matter told Entrackr. “A massive data breach was reported on Friday which happened last week. Exotel works with many large companies, including financial institutions and their data have been breached,” said one of the sources requesting anonymity. The company’s chief executive Shivakumar Ganesan also did a town hall or emergency meeting on Friday, the person said. Confirming the data breach, an Exotel spokesperson said, “We recently identified unauthorized access to one of our cloud Infrastructure stamps in Singapore and acted swiftly to contain the issue. Importantly, no sensitive personal or financial information was compromised.” “The breach was limited and majority customers were not affected. We have already notified those impacted, providing them with detailed information and recommended steps to mitigate any potential risks,” the spokesperson added. The 13-year-old firm offers voice and SMS contact center capabilities for businesses to manage their customer engagement over the cloud. Besides India, it operates in the UAE, Indonesia, Africa, and the US. Another source said that Exotel stores call recordings and SMS of its clients on the cloud. “AWS private keys got breached from some developer. The hackers got access to the database and source code. Zomato, Khatabook and others became victims of the breach,” added the source. In a response to this, Exotel’s spokesperson clarified, “While we store call recordings and SMS of clients on the cloud none of these have been accessed or impacted in this incident.” Confirming the data breach to Entrackr, a Zomato spokesperson said, “We have been made aware of the data breach at Exotel. So far, from what we know, our merchant and customer data is fully secure and no payment related sensitive information has been compromised. Our teams are actively working with Exotel to ascertain more details on the ongoing investigation.” Entrackr has reached out to Khatabook to verify this. The Steadview Capital and A91 Partners-backed company reported a 32.1% spike in its collection to Rs 420 crore whereas its losses jumped 2.5 fold to Rs 109 crore. It is yet to file its annual report for FY24 but the firm projected a 50% revenue growth for the last fiscal year (FY25). Exotel directly competes with Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. Peak XV-backed Knowlarity was acquired by conversational messaging unicorn Gupshup in a $100 million deal in February 2022.

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Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X

EntrackrEntrackr · 1y ago
Exotel crosses 400 Cr revenue in FY23; losses jump 2.5X
Medial

Cloud telephony platform Exotel has been bleeding in pursuit of growth, as evident from its financials for the fiscal year ending March 2023. The company released its annual results this week, originally due on September 30, 2023. Exotel’s revenue from operations grew 32.1% to Rs 420 crore in FY23 from Rs 318 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. The 13-year-old company offers voice and SMS contact center capabilities for businesses to manage their customer engagement over the cloud. The rendering of internet-enabled cloud communication services was the primary source of revenue for Exotel. Income from software license, chatbot services, and the sale of its products including API(s), browser extension, software development kit, and mobile phone applications were other co-revenue channels for Exotel. The Blume Ventures-backed firm generated 81% of its operating revenue from domestic services, with the remaining revenue coming from Southeast Asia, the Middle East, and Africa in FY23. Moving towards the cost side, employee benefits accounted for 44.2% of the overall expenditure which increased 43.3% to Rs 245 crore in FY23 from Rs 171 crore in FY22. The company’s spending on telephone-postage, legal, marketing (advertising cum promotional), hosting, and other overheads inflated its overall cost by 51.8% to Rs 554 crore in FY23 as compared to Rs 365 crore in FY22. See TheKredible for the complete expense breakdown. The 45% and 65% surge in employee benefits and telephone/postage, respectively, led Exotel to post a 2.5X increase in losses to Rs 109 crore in FY23 from Rs 45 crore in FY22. Notably, the company was making profits during FY21 and FY20. Its ROCE and EBITDA margin worsened to -21.9% and -18.3%, respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY23. Exotel certainly had a lot of hype and hopes around its future back in 2020, but those hopes seem to have been belied, if we consider the story since then. Slipping into losses aside, the firm has also grown below estimates at the time. Notably, the company had claimed at the time of its last fund raise in 2022 that it is growing at an annualized rate of 70% on a revenue run rate of $50 million, or almost 400 crores. Competition in the cloud telephony business might be one thing, but margins is a bigger issue. FY22-FY23 FY22 FY23 EBITDA Margin -4.88% -18.34% Expense/₹ of Op Revenue ₹1.15 ₹1.32 ROCE -4.70% -21.90% Exotel has raised over $100 million to date including $40 million led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Head to TheKredible for the complete shareholding pattern.

Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 6m ago
Exotel posts flat scale in FY24; losses shrink 61%
Medial

Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

CareStack buys Airtel-backed Waybeo to augment patient-practitioner communication

Inc42Inc42 · 1y ago
CareStack buys Airtel-backed Waybeo to augment patient-practitioner communication
Medial

US and India-based dental practice management platform, CareStack, has acquired Kerala-based AI startup Waybeo to enhance patient-practitioner communication in healthcare. Waybeo specializes in AI-based analytics for cloud telephony, offering call tracking, analytics, and automation solutions. CareStack aims to integrate Waybeo's advanced analytics into its platform to redefine dental care and transform operations. Financial terms of the deal were not disclosed. Waybeo, which has shown steady growth and counts Airtel among its investors, plans to expand its presence in India and international markets. The global dental practice management software market is projected to reach $3.45bn by 2032.

Cloud resources biggest targets for cyberattacks in India, says study

Economic TimesEconomic Times · 1y ago
Cloud resources biggest targets for cyberattacks in India, says study
Medial

A recent study by Thales has found that cloud resources are the primary targets for cyberattacks in India. The study, which surveyed nearly 3,000 IT and security professionals across 18 countries, highlights the growing importance of cloud security spending. In India, almost half of the respondents reported that their corporate data stored in the cloud is sensitive, and 37% have experienced a cloud data breach. Human error and misconfigurations are the main causes of these security breaches. Cloud storage, SaaS applications, and Cloud Management Infrastructure are the leading categories of attack in India. Protecting cloud environments has become the top security priority for organizations.

These were the badly handled data breaches of 2024 | TechCrunch

TechCrunchTechCrunch · 6m ago
These were the badly handled data breaches of 2024 | TechCrunch
Medial

TechCrunch has compiled a list of recent data breaches and security incidents from various companies. Genetic testing company 23andMe blamed its users for a data breach that exposed millions of customers' data. Change Healthcare, a healthcare tech company, took months to confirm a breach that exposed over 100 million people's private health information. London-based provider Synnovis suffered a ransomware attack, causing months of disruption to NHS services. Cloud computing giant Snowflake experienced mass hacks that targeted its corporate customers. The city of Columbus, Ohio sued a security researcher who reported on a ransomware attack. Salt Typhoon, a China-backed hacking group, infiltrated the networks of U.S. phone and internet providers. MoneyGram, a money transfer company, suffered a data breach, but the number of affected customers remains undisclosed. U.S. retail giant Hot Topic experienced a major data breach, but the company has not publicly confirmed or notified customers about the incident.

Top AI service hit by massive data breach — 20 million Cutout.Pro users have personal info leaked, so change passwords now

TechradarTechradar · 1y ago
Top AI service hit by massive data breach — 20 million Cutout.Pro users have personal info leaked, so change passwords now
Medial

Cutout.Pro, an AI-powered photo and video editing platform, has suffered a significant data breach, potentially impacting 20 million users. The breach exposed personal information including email addresses, hashed passwords, IP addresses, and names. The breach came to light when a hacker shared a link to the stolen data on a hacking forum. The leaked information comprises 5.93GB of stolen data, including user ID, profile picture, API access key, creation date, mobile phone numbers, and passwords. Cutout.Pro is yet to release an official statement regarding the breach, but users are advised to monitor their accounts for suspicious activity and consider changing passwords.

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