CleverTap secures $35 million in funding to expand mobile user retention strategy globally

Anne Freier

In Mobile Advertising. October 17, 2019

CleverTap, the company that focuses on user retention for mobile app growth, this week, announced the completion of a $35 million funding round.

The investment round was led by existing investors Tiger Global Management and Sequoia India.

The company plans to use the funds to expand its U.S. engineering hub, bolster its predictive capabilities across its platform and drive a global expansion strategy.

Some of the funds are also being allocated to grow its engineering, sales and marketing teams across offices globally.

“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 platform uses machine learning to help brands and marketers convert, engage and grow their mobile user base.

Over the last year, the company has processed over 8 billion user actions and its client base has doubled. CleverTap now reaches one billion devices and 8,000 consumer apps in more than 100 countries.