CleverTap, a Sunnyvale, California-based customer lifecycle management platform, has raised $26 million in Series B funding led by Sequoia India. Tiger Global Management and Accel Partners also participated in this round.
“Sequoia India is happy to lead this round of financing at one of the fastest growing SaaS start-ups,” said Sequoia Capital India Advisors managing director Mohit Bhatnagar. “If you’re a product manager and don’t know what Clevertap does, you may miss that promotion you are after.”
This funding round will be used for accelerating CleverTap’s data science-driven product capabilities and scale to meet fast-growing demand for its customer lifecycle management platform. And the funding will be used for bringing the company’s valuation to over $150 million.
“Marketing technology is undergoing rapid transformation, and we believe CleverTap is well positioned to help consumer businesses drive materially higher customer lifetime values,” added Tiger Global’s Scott Shleifer.
CleverTap’s platform is used by businesses to deliver omnichannel experiences to millions of customers in real-time. With CleverTap’s proprietary big data and artificial intelligence engine, businesses can analyze billions of user actions and provide marketing and growth teams with immediate customer context at every stage of the customer journey.
“CleverTap is meeting the growth and retention needs of some of the fastest growing consumer apps such as GO-JEK, Fandango, Hotstar and Zilingo. Powered by the next generation of data science enabled capabilities, it’s allowing companies to automate their marketing decisions – leading to better business outcomes. We’re excited to bring our expertise to CleverTap to support them in this mission,” explained Prashanth Prakash of Accel Partners.
Since 2015, CleverTap’s revenue has been growing at 250% year-over-year. And it is driving over $2 billion in incremental revenue for its customers.
Founded by CEO Sunil Thomas, CTO Suresh Kondamudi, and Anand Jain in 2013, CleverTap works with more than 8,000 companies around the world including Vodafone, Star, Sony, Domino’s Pizza, GO-JEK, Cleartrip, and BookMyShow. And CleverTap also recently opened its APAC headquarters in Singapore along with an expanded presence in the Americas and Europe.
“We’re building CleverTap for the long term. The addition of Tiger Global to CleverTap’s existing investors, Sequoia India, Accel and Recruit Holdings, is a tremendous endorsement of our innovation and success. At the core, we believe that every business will benefit from the investments we continue to make in our platform,” Thomas commented.