CleverTap announced a $26 million Series B funding round, led by Sequoia India with participation from new investor, Tiger Global Management, and existing investor Accel. The funds will be used to accelerate CleverTap’s data science-driven product capabilities and scale to meet fast-growing demand for its customer lifecycle management platform. The new funding brings the company’s valuation to more than $150 million.
CleverTap’s platform enables businesses to deliver omnichannel experiences to millions of their customers in real time. Using CleverTap’s proprietary big data and artificial intelligence engine, businesses can analyze billions of user actions, providing marketing and growth teams with immediate customer context at every stage of the customer journey. CleverTap’s revenue has been growing at 250% year-over-year since 2015, driving over $2 billion in incremental revenue for its customers.
“Sequoia India is happy to lead this round of financing at one of the fastest growing SaaS start-ups,” said Mohit Bhatnagar, Managing Director at Sequoia Capital India Advisors. “If you’re a product manager and don’t know what CleverTap does, you may miss that promotion you are after.”
“Marketing technology is undergoing rapid transformation, and we believe CleverTap is well positioned to help consumer businesses drive materially higher customer lifetime values,” said Scott Shleifer, Partner, Tiger Global.
“CleverTap is meeting the growth and retention needs of some of the fastest growing consumer apps such as GO-JEK, Fandango, Hotstar and Zilingo. Powered by the next generation of data science enabled capabilities, it’s allowing companies to automate their marketing decisions – leading to better business outcomes. We’re excited to bring our expertise to CleverTap to support them in this mission,” said Prashanth Prakash, Partner at Accel.
“We’re building CleverTap for the long term. The addition of Tiger Global to CleverTap’s existing investors, Sequoia India, Accel and Recruit Holdings, 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,” said Sunil Thomas, CleverTap’s CEO and Co-founder.
CleverTap recently opened its APAC headquarters in Singapore and has expanded its presence in the Americas and Europe to serve rapidly-scaling brands.
