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CleverTap raises $35 mn funding from Tiger Global Management, others

Business Finance

Press Trust of India  |  New Delhi 

CleverTap, an AI-powered customer lifecycle and user retention platform, on Tuesday said it has raised USD 35 million (over Rs 250 crore) in series C funding, led by existing investors Tiger Global Management and Sequoia India.

This new funding increases CleverTap's external investment to USD 61 million since the beginning of 2019 a period that has seen the company's valuation more than double from USD 150 million to USD 385 million, a statement said.

"Growing at 250 per cent year-on-year since 2015, CleverTap intends to use the funds to build out its new US-based engineering hub, add enhanced predictive capabilities to its market-leading platform, and fuel an aggressive global go-to-market expansion strategy," it added.

Sunil Thomas, co-founder and CEO of CleverTap, said the latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers.

CleverTap has helped generate over USD 2 billion in incremental revenue for its customers, and currently reaches more than one billion devices and over 8,000 consumer apps in more than 100 countries, the statement said. 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, allowing CleverTap to expand on its growing technology leadership position and drive awareness in expanding territories, the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 15 2019. 20:20 IST