CleverTap Raises $105 Million In Series D Round, Valuation Doubles
CleverTap, a customer lifecycle management and mobile marketing company, has raised $105 million in a Series D funding round.
The funding round was led by Canadian investment group CDPQ, which committed $75 million as part of the round. IIFL AMC’s Tech Fund and returning investors Tiger Global and Sequoia India also participated in the funding round.
With the round of funding, CDPQ will be joining CleverTap’s board.
As per the startup, the raised funds will be used for global expansion and to enhance product development and technology.
CleverTap | Customer Lifecycle Management And Mobile Marketing
Founded by former Network 18 executives- Sunil Thomas, Suresh Kondamudi, and Anand Jain, CleverTap empowers digital consumer brands to increase customer retention and lifetime value.
Speaking about the funding round, Sunil Thomas, Co-founder and Executive Chairman of CleverTap, said,
“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.”
The startup 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. CleverTap drives contextual individualization with the help of a unified and deep data layer, AI/ML-powered insights, and automation enabling brands to offer hyper-personalized and delightful experiences to their customers.
As per an internal blog published by CleverTap in May 2022, CleverTap claims to have clocked $45 million ARR (Annual Recurring Revenue), The B2B SaaS platform works with brands like Gojek, ShopX, Canon, TD Bank, Carousell, Papa John’s and AirAsia, among others.