Top US RPA firm forays into India

US-based robotic process automation (RPA) firm UiPath is foraying into India to sell its Automation Intelligence software to technology driven verticals like IT, BFSI, and the government, a company official said.

“Opportunities for us in India are huge, ranging from sectors like IT to BFSI (banking, financial services and insurance) and healthcare to government,” UiPath India Chief Executive Raghu Subramanian said.

Noting that India was in a prime position to become an RPA powerhouse owing to its rapid adoption and growing talent pool, he said the company was committed to invest here to realise its global vision of “a robot for every person” and create a talent base of 50,000 automation-trained professionals.

Outlining the huge potential for RPA and the prospect of making India the base for automation talent globally, Subramanian said the technology uses a software robot to run application in the same way a person works.

“RPA configures software that will automate the activities or tasks previously performed by humans and aims to replace repetitive tasks performed by humans, with a virtual workforce. Humans then make judgmental calls, handle exceptions and provide oversight,” he said.

The company, which last week raised USD568 million in Series D funding from Coatue, Dragoneer, Wellington and Sands Capital, claimed that its average rate of return has grown from USD200 million from USD8 million in two years and valuation to USD7 billion from USD110 million.

“At USD7 billion valuation, UiPath is one of the fastest growing AI enterprise software firms worldwide,” a company statement said.