CleverTap, the customer lifecycle management platform, just raised $26 million in a Series B funding round led by equoia India with participation from Tiger Global Management, and Accel. The addition brings the company’s valuation to over $150 million.
CleverTap has built a proprietary platform based on big data and artificial intelligence technologies which helps businesses analyse user actions. These insights help marketers gain a better understanding of customer context at each stage of the consumer 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,” said Prashanth Prakash, Partner at Accel.
The funding announcement comes on the back of CleverTap achieving 250% year-on-year growth since 2015. Since then it has driven more than $2 billion in incremental revenue for its customers.
The company plans to use the funds to accelerate and expand its customer lifecycle management platform.
“Sequoia India is happy to lead this round of financing at one of the fastest growing SaaS start-ups,” explained Mohit Bhatnagar, Managing Director at Sequoia Capital India Advisors. “If you’re a product manager and don’t know what Clevertap does, you may miss that promotion you are after.”
“Marketing technology is undergoing rapid transformation, and we believe CleverTap is well positioned to help consumer businesses drive materially higher customer lifetime values,” said Scott Shleifer, Partner, Tiger Global.
The news follows the recent launch of its APAC headquarters in Singapore, following the establishing of presences in the Americas and Europe.