California-headquartered CleverTap, a B2B SaaS startup for customer engagement and retention, has raised $105 million in a Series D round led by CDPQ and IIFL AMC’s Tech Fund, along with the participation from existing investors — Tiger Global and Sequoia India.
According to the company’s statement, CDPQ, a global investment group, is committed to investing $75 million alone in the round. The startup said it will use the raised capital for global expansion, team expansion, and enhance the development of its solutions and technology.
Founded in Mumbai in 2013 by Sunil Thomas, Anand Jain, and Suresh Kondamudi, CleverTap is a B2B SaaS platform that leverages machine learning (ML) and artificial intelligence (AI) to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers.
The startup claims to have a customer base of 1,200 brands in 100 countries representing 10,000 apps across industries including Fintech, eCommerce, Subscription, On Demand, and Streaming media.
The funding announcement comes two months after it acquired multi-channel customer engagement platform Leanplum to strengthen its footprint in North America and Europe. At the same time, The startup also unveiled TesseractDB™, the world’s first purpose-built database designed to dramatically improve user engagement and retention for digital consumer brands.
“Our vision has been to reshape the way businesses engage with their consumers and bring the tech to MarTech. The addition of long-term investors CDPQ and IIFL AMC Tech fund to CleverTap’s existing backers, Sequoia India, Accel, Tiger Global, and Recruit Holdings is a great endorsement of the successful business we have built, the innovation we bring to the market & the growth potential CleverTap holds,” said Sunil Thomas, Co-founder & Executive Chairman.
Speaking on the investment, Martin Laguerre, Executive Vice-President & Head of Private Equity, CDPQ, said, “CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way.”
“The latest fundraise reaffirms customer and market belief in CleverTap and our growth potential. This fundraise will help us elevate our growth trajectory and further enable us to innovate better and faster while staying ahead of the curve,” said Sidharth Malik, CEO of CleverTap.
As part of the transaction, CDPQ will join CleverTap’s Board of Directors upon the closure of this funding round. IIFL AMC’s investment is subject to approval from the Securities and Exchange Board of India (SEBI).
Apart from California, CleverTap has its offices in Mumbai, Singapore, Sofia, São Paulo, Bogota, Amsterdam, Jakarta, and Dubai.