You are here: Home » PTI Stories » National » News
Business Standard

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

Topics
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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 15 2019. 20:20 IST
RECOMMENDED FOR YOU