- CleverTap, a leading AI-based customer lifecycle and user retention platform, announced it raised $35 million in funding at a $385 million valuation
CleverTap — a leading artificial intelligence based customer lifecycle and user retention platform — announced it closed $35 million in Series C funding. This round of funding will help CleverTap further accelerate as a global leader in mobile app marketing. The company has grown at 250% year-over-year since 2015. And CleverTap plans to use the funding to build out its new US-based engineering hub and add enhanced predictive capabilities to its market-leading platform along with fueling an aggressive global go-to-market expansion strategy.
This round of funding was led by existing investors Tiger Global Management and Sequoia India. And this new funding round also increases CleverTap’s outside investment to $61 million since the beginning of the year. Plus CleverTap’s valuation soared from $150 million at the beginning the year to $385 million now.
“Leading companies know that the key to driving revenue growth in the mobile app space is increasing user retention and raising long-term customer lifetime value,” said CleverTap co-founder and CEO Sunil Thomas. “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. 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.”
CleverTap’s customer lifecycle and user retention platform utilizes machine learning to offer an engagement suite that enables brands to convert, engage, retain, and grow their mobile user base. And the company’s solution has been adopted by some of the world’s leading organizations across multiple industries and customer growth has surged over 2X over the past year alone with an average of over 8 billion user actions processed each day. In fact, CleverTap has helped generate over $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. Some of the consumer brands that work with CleverTap include Vodafone, Star, Sony, Discovery, Fandango LATAM, Carousell, and Gojek.
“There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth,” added Mohit Bhatnagar, Managing Director at Sequoia. “CleverTap is solving a significant pain point for marketers by offering a user retention platform that can exponentially increase customer lifetime value and long-term growth.”
Going forward, global expansion and product development will be primary areas of emphasis for the company. And the funds will be used for fueling team growth across engineering, sales, and marketing across the US, Latin America, Europe, and Asia. The funds will also allow CleverTap to expand on its growing technology leadership position and drive awareness in expanding territories.
