Coinbase acquires Indian AI-based startup Agara to improve its customer support

One of the biggest cryptocurrency exchanges, Coinbase, is aiming to improve its customer support sector while expanding in India. It has recently acquired a startup company, Agara, to handle the task. 

Today, Coinbase officially revealed the acquisition of the startup company Agara, an Indian artificial intelligence technology-enabled support platform. Agara, along with its work in India, also operates in the United States.

Exchange giant aims to expand and automate its customer support service capabilities by introducing machine learning, artificial intelligence, and natural language processing tools to its engineering team. The acquisition deal additionally reconfirms Coinbase’s plans to expand its tech hub in India. 

TechCrunch, the tech-focused publication, on Monday, cited anonymously that the Agara acquisition has cost around $40 million to $50 million to the company. The two companies will close the deal later this year.

Agara was founded in 2017 and has continuously worked on natural language processing and machine learning to enhance ]user experiences. The company consists of roughly 40 employees. It has reportedly grabbed large customers, including Salesforce and Shopify.

Agara tech team will join Coinbase soon

Coinbase’s head of operations in India, Pankaj Gupta, said that Agara’s technical team would join Coinbase as per the agreement. Gupta is also the co-founder of Agara, and he believes that this is a win-win situation for both parties. He added:

“It’s amazing to see my worlds collide here with Agara, a startup I co-founded in early 2017 but later left to join Google.”

Abhimanyu, co-founder and CEO of the startup, noted that Agara has also integrated its tech stack into phone calls based communication with clients’ customers. He added:

“Some of the more complicated things we do are around phone calls. We have been working on automating much of, if not all, of the support that happens through phone calls.”

As TheCoinRise reported, Coinbase has recently announced its new NFT marketplace, which got more than 1 million sign-ups within a day.