Customer engagement user retention platform, CleverTap has raised $105 million in a Series D financing round led by CDPQ. The round was also joined by IIFL Private Equity, along with the participation of existing investors like Sequoia and Tiger Global.
“The company plans to utilize the fresh funds towards accelerating GTM, expansion and brand-building in developed markets,” CEO Sidharth Malik said”.
Previously, CleverTap had raised $35 million from Sequoia Capital India and Tiger Global Management at a valuation of $385 million. The company has managed to raise the fresh round to $775 million with a two-fold jump in valuation. It also joined a group of startups that could join the unicorn status.
Founded in 2013 by Anand Jain, Sunil Thomas, and Suresh Kondamudi while its CEO Sidharth Malik joined the company in 2021. The company empowers digital consumer brands to increase customer retention and lifetime value.
“CleverTap has built an unparalleled product suite and analytics capabilities that run on a proprietary database. CleverTap is one of the fastest-growing SaaS companies with best-in-class revenue retention rates. We are from India and are excited to partner with them on their journey to build out a leading global customer retention platform.”
The Mumbai-based company has offices in California, Sofia, Singapore, Sao Paulo, Bogota, Amsterdam, Jakarta and Dubai. Two months ago, CleverTap acquired Leanplum, a San Francisco-based multi-channel customer engagement platform, for an undisclosed amount.
Company claims that it has more than 1,200 customers in 60 countries and over 10,000 apps, including Jio, Canon, Mercedes Benz, Tesco, ShopX, Premier League, and Gojek leveraging its platform to achieve their retention and engagement goals.