CleverTap, a start-up specialising in mobile marketing and analytics, said it has raised $35 million in Series C funding for its global growth plans. The round was led by existing investors Tiger Global Management and Sequoia India. This new funding increases CleverTap’s outside investment to $61 million since the beginning of 2019 — a period that has seen the company’s valuation more than double from $150 million to $385 million.
Global expansion and product development will be primary areas of emphasis for the company. Funds will be used to fuel team growth across engineering, sales, and marketing across the US, Latin America, Europe, and Asia. CleverTap also said it intends to use the funds to build out its new US-based engineering hub and add enhanced predictive capabilities to its market-leading platform.
“We’re in the unique position to deliver a holistic solution that not only provides actionable customer insights but also delivers the right message to drive deeper engagement based on real-time customer usage—all at scale,” said Sunil Thomas, co-founder and CEO of CleverTap. “This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers,” said Thomas.
Over 8,000 consumer brands around the world, including Vodafone, Star, Sony, Discovery, Fandango Latam, Carousell, and Gojek use CleverTap’s technology to help them improve user engagement and retention thereby growing long term revenue. CleverTap’s customer lifecycle and user retention platform leverages machine learning to offer a robust engagement suite that enables brands to convert, engage, retain, and grow their mobile user base. The company said the solution has been adopted by organizations across multiple industries, and customer growth has surged over 2X over the past year alone with an average of over eight billion user actions processed each day.
CleverTap also said it has helped generate over $2 billion in incremental revenue for its customers. It reaches more than one billion devices and over 8,000 consumer apps in more than 100 countries.
“There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth,” said Mohit Bhatnagar, managing director, Sequoia Capital India LLP. “CleverTap is solving a significant pain point for marketers by offering a user retention platform that can exponentially increase the customer lifetime value and long-term growth.”