SaaS startup CleverTap raises $105 mn in Series D funding round led by CDPQ
- ByStartupStory | August 10, 2022
CleverTap, a customer lifecycle management & mobile marketing firm based in Mountainview, California, has announced that it has secured $105 million in a Series D round of funding headed by Canadian investment group CDPQ, which contributed $75 million as part of the deal. IIFL AMC’s Tech Fund, as well as returning investors Tiger Global and Sequoia India, participated in the round. With the cash, CDPQ will join the CleverTap board of directors.
The firm was valued at $775 Mn as part of the round, substantially doubling its Series C valuation of $385 million reported in October 2019. CleverTap will use the funds acquired in the current round to expand globally and improve product development and technology.
CleverTap, founded in 2013 in Mumbai by former Network 18 executives Sunil Thomas, Suresh Kondamudi, and Anand Jain, provides its customer engagement & retention platform as a Software-as-a-Service (SaaS) model to over 1,200 brands in 100 countries, including fintech, e-commerce, subscription, on-demand, and streaming media companies. The B2B SaaS platform partners with companies such as Gojek, ShopX, Canon, and AirAsia, among others.
“The additional funding will assist drive our efforts to expand our teams and increase our footprint in important areas.” With the acquisition of Leanplum and the introduction of TesseractDB, the previous several months have been extremely exciting for us. And now, with additional institutional investors on board, we have everything we need to accelerate our growth while reinforcing our position as the worldwide leader in the retention market,” said Sunil Thomas, Co-founder & Executive Chairman of CleverTap, in a company release.
CleverTap bought in-app communication business Patch in November 2021, in addition to market consolidation with the acquisition of LeanPlum. CleverTap claims to have achieved $45 million ARR according to an internal blog published in May 2022. (Annual Recurring Revenue). CleverTap also announced Sidharth Malik’s appointment as global CEO in November 2021. He formerly served as Freshworks’ Chief Revenue Officer. According to Bessemer Venture Partners, Indian SaaS businesses garnered about $4.8 billion in equity investments in 2021. According to the research, Indian SaaS enterprises would produce over $50 billion in ARR by 2030.
Follow Startup Story
Related Posts
