[Funding alert] CleverTap raises $26M led by Sequoia India, valuation stands at over $150M
The capital will be used to scale and accelerate the product capabilities of CleverTap to meet the growing demand for its customer management platform.
Customer lifecycle management platform CleverTap announced that it has raised $26 million Series B round led by Sequoia India. Other participants included new investor Tiger Global Management, and existing investor Accel.
In a statement, the the company said that the funds will be used to scale and accelerate CleverTap’s product capabilities in order to meet the fast-growing demand for its customer lifecycle management platform.
It added that the new funding brings the company’s valuation to more than $150 million. Sources say that in the recent past, CleverTap has been hiring aggressively to bolster its data science capabilities.
CleverTap is a SaaS platform, enabling businesses to deliver omnichannel experiences to millions of customers in real-time. Using its proprietary Big Data and Artificial Intelligence (AI) engine, businesses can analyse billions of user actions, helping marketing and growth teams with immediate customer context at every stage of the journey.
The company said that its revenue has been growing at 250 percent year-over-year since 2015, and the platform is driving over $2 billion in incremental revenue for its customers.
Mohit Bhatnagar, Managing Director at Sequoia Capital India Advisors, said, “Sequoia India is happy to lead this round of financing at one of the fastest growing SaaS startups.”
Scott Shleifer, Partner at Tiger Global, a new investor in CleverTap, added,
“Marketing technology is undergoing rapid transformation, and we believe CleverTap is well positioned to help consumer businesses drive materially higher customer lifetime values.”
CleverTap claimed that it has over 8,000 clients globally, including Vodafone, Star, Sony, Domino’s Pizza, GO-JEK, Cleartrip and BookMyShow. The company has offices in San Francisco, London, Singapore, Mumbai, and Bengaluru.
Prashanth Prakash, Partner at Accel, said,
“CleverTap is meeting the growth and retention needs of some of the fastest growing consumer apps such as GO-JEK, Fandango, Hotstar and Zilingo...We’re excited to bring our expertise to CleverTap to support them in this mission."
Commenting on the funding, CleverTap's CEO and Co-founder Sunil Thomas, said, “The addition of Tiger Global to CleverTap’s existing investors, is a tremendous endorsement of our innovation and success. At the core, we believe that every business will benefit from the investments we continue to make in our platform.”
The company recently opened its APAC headquarters in Singapore, and has expanded its presence in the US and Europe to serve rapidly-scaling brands.