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UiPath plans to raise headcount to 1,200 in India

BENGALURU: Automation company UiPath plans to increase its headcount to 1,200 by the end of 2019, nearly five times its current strength, and expand its presence to eight cities in the country, on the back of its latest fundraise.

The company said it had raised $225 million from Capital G, Sequoia and Accel in a round that valued the robotic process automation company at $3 billion.

“This is a milestone development that is going to change the market dynamics and play an important role in our expansion plans in India,” Raghunath Subramanian, president and CEO (India and APAC), UiPath, said in a statement.

The company plans to expand its presence to eight cities including Chennai, Pune, Hyderabad and Kolkata, while increasing headcount in Bengaluru, Mumbai, and Gurgaon. The focus for the headcount expansion will be the engineering base at the company. The company has raised over $400 million from tier one investors including Accel, CapitalG, Earlybird’s Digital East Fund, Kleiner Perkins Caufield Byers, Credo Ventures, Seedcamp and now Sequoia. Ui-Path raised its Series A in April 2017 with 200 customers at a valuation of $140 million. It raised another $153 million in March 2018 at a valuation of $1.1 billion.

UiPath competes with a slew of RPA providers, the largest of which are London-listed Blue-Prism and still private AutomationAnywhere.

In India, UiPath counts business process outsourcing companies and captives as clients. It is beginning to make inroads into the domestic market as well. In an interview with ET, earlier this year, Subramanian said the company was talking to banks and financial institutions and was expecting to close deals by the end of this year.

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