CleverTap valuation doubles after $105M Series D round led by CDPQ

Mountainview, California-headquartered customer lifecycle management and mobile marketing company CleverTap has announced that it has raised $105 million in a Series D round of funding led by Canadian investment group CDPQ, which committed $75 million as part of the round.

The round also saw participation from IIFL AMC’s Tech Fund and returning investors Tiger Global and Sequoia India. With the funding, CDPQ will be joining CleverTap’s board. 

The company was valued at $775 million as part of the round, nearly double its valuation of $385 million in its Series C round announced in October 2019.

CleverTap will utilise the capital raised in the current round for global expansion and to enhance product development and technology. 

Founded in Mumbai in 2013 by former Network 18 executives, Sunil Thomas, Suresh Kondamudi, and Anand Jain, CleverTap offers its customer engagement and retention platform as a Software-as-a-Solution (SaaS) model to over 1,200 brands in 100 countries, across fintech, ecommerce, subscription, on-demand and streaming media companies. The B2B SaaS platform works with brands like Gojek, ShopX, Canon, AirAsia, among others. 

“The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams. The last few months have been quite exciting for us with the Leanplum acquisition and unveiling of TesseractDB. And now, with the new institutional investors coming on board, we have all that we need to grow at a faster rate while consolidating our position as the global leader in the retention space,” said Sunil Thomas, Co-founder and Executive Chairman of CleverTap, in a statement issued by the company. 

Apart from market consolidation with the acquisition of LeanPlum, CleverTap also acquired in-app communication company Patch, in November, 2021.

According to an internal blog published by CleverTap in May, 2022, the company claims to have clocked $45 million ARR (Annual Recurring Revenue). CleverTap also announced the appointment of Sidharth Malik as its global CEO in November, 2021. He was previously the Chief Revenue Officer at Freshworks. 

A report by venture capital fund Bessemer Venture Partners says Indian SaaS companies raised nearly $4.8 billion in equity investments in 2021. The report also said Indian SaaS companies would generate nearly $50 billion ARR by 2030.