Bangalore: Exotel that offers business phone systems on the cloud to SMEs has raised 2.5 crore in series A round of funding from Mumbai Angels and Blume Ventures for a 25 percent stake in the company valuing it at 10 crore.

Founded by Shivkumar Ganesan, and his team about eight months ago, Exotel offers a number to a company on which they can receive and make lots of calls and SMS, all at the same time without having to invest in any infrastructure. The product is a dashboard with sales tools, marketing tools, customer support tools, business intelligence, analytics and all the other tools that are necessary for an enterprise to run their business smoothly over Voice and SMS.

The company currently has over 65 customers and generates revenue of 4 lakh per month and aims to grow it to 1 crore by the end of this financial year.

Started in 2006, Mumbai Angels provides a platform to startups and very early stage companies by bringing them face to face with successful entrepreneurs, professionals and executives who are interested in and have the funds available to invest in startups. Some of the portfolio companies they have invested in are InMobi, Lrvrl, Karmic Lifesciences, Brand Idea, Apalya Technologies among several others.

Blume Venture provides seed funding in the range of $50,000 to $250,000 to early-stage tech-focused and tech-enabled ventures. Their portfolio investment companies include Adepto, Eki Communications, E2E Networks, Moneysights among several others.