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Coinbase acquires Indian AI startup to improve customer service

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Coinbase, the cryptocurrency exchange giant in the US, is purchasing a new business in India in order to enhance its client service.

Agara, an artificial intelligence-enabled support platform with operations in India and the United States, acquired by Coinbase on Tuesday.

Coinbase‘s customer support skills will be expanded and automated as a result of the purchase, which will provide additional machine learning and natural language processing technologies to the company’s technical staff. The agreement also affirms the company’s plan to develop its Indian IT base.

According to unknown sources familiar with the subject, Coinbase’s acquisition of Agara would cost between $40 million and $50 million. The merger is likely to finalise later this year, according to the two companies.

Agara was founded in 2017 with the goal of improving user experience using machine learning and natural language processing. Agara, which employs roughly 40 people, is reportedly to have landed several big clients. Such as Salesforce, a cloud-based software business, and Shopify, a significant e-commerce platform.

Enhancing customer service is a top priority

Agara’s IT staff will join Coinbase as part of the transaction, according to Pankaj Gupta, Coinbase’s head of operations in India. Gupta, an Agara co-founder, believes the acquisition will benefit both Agara and Coinbase. “It’s incredible to see my worlds converge here with Agara”, he said. Referring to the firm he co-founded in early 2017 before leaving to join Google.

Abhimanyu, co-founder and CEO of Agara, said the business has also been able to integrate its tech stack into phone-based customer interactions. “One of the most challenging tasks we have is phone calls. We’ve been aiming to automate as much of the phone-based service as feasible “, he clarified.

Coinbase’s newest attempt to enhance its user experience comes as the business continues to struggle with providing adequate customer support. Coinbase consumers allegedly lambasted the company’s new phone support line in mid-October, alleging it was a “joke”. In August, the exchange received harsh criticism for poor customer support after consumers complained about stolen accounts and lost funds.

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