[Funding alert] CleverTap raises $35M in Series C round led by Tiger Global Management and Sequoia India
San Francisco and Mumbai-based mobile marketing platform, CleverTap, on Tuesday announced a fundraise of $35 million in its Series C round led by existing investors Tiger Global Management and Sequoia India.
The funds will be used by the company to set-up an engineering hub in the US, add enhanced predictive capabilities to its market-leading platform, and fuel an aggressive global go-to-market expansion strategy.
The company said it is now valued at $385 million, more than double the value from the $150 million at the beginning of the year.
In a statement, CleverTap added that it has been growing at a rate of 250 percent every year, since 2015.
"This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers," Co-founder and CEO of CleverTap, Sunil Thomas said.
CleverTap’s customer lifecycle and user retention platform leverage machine learning to offer a robust engagement suite that enables brands to convert, engage, retain, and grow their mobile user base.
The company claimed, it has generated over $2 billion in incremental revenue to its customers, and currently has a reach of more than one billion devices and over 8,000 consumer apps in more than 100 countries.
Sequoia India's Managing Director Mohit Bhatnagar said,
"There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth. CleverTap is solving a significant pain point for marketers by offering a user retention platform that can exponentially increase customer lifetime value and long-term growth."
The company will be focusing on global expansion and product development and the funds will be used to fuel team growth in engineering, sales, and marketing segments across the US, Latin America, Europe, and Asia.
In April 2019, CleverTap raised $26 million in a Series B round, which was led by Sequoia. Tiger Global Management and existing investor Accel Partners had also participated in the round.
(Edited by Suman Singh)