Sequoia India leads $26 million funding round in CleverTap
1 min read 10 Apr 2019, 06:47 PM ISTCleverTap, a SaaS startup, will use the funding to improve product capabilities and help meet growing demandThe funding round, which saw participation of Tiger Global as a new investor, pegs CleverTap's valuation at $150 million
PremiumMumbai: Mobile analytics and marketing startup CleverTap on Wednesday said it has raised $26 million in a Series B funding round led by Sequoia India. New investor Tiger Global Management and existing investor Accel Partners also participated in the round. The new round pegs the company’s valuation at around $150 million, a CleverTap statement said.
The company, which provides software as a service (SaaS), will use the fresh funds to improve product capabilities and help meet growing demand.
Founded by Anand Jain, Sunil Thomas and Suresh Kondamudi in 2013, CleverTap helps businesses improve their customer mobile app experience.
It uses advertisement formats such as push notifications, targeted ads, web notifications, and a mix of other app marketing formats to drive user engagement.
“We largely work with consumer internet businesses by helping them segregate users on different categories. We use behavioural analytics to segment users based on their behaviour within the app," Jain, the co-founder of CleverTap, said.
CleverTap provides a real-time dashboard for mobile app developers to keep track of metrics such as new installs/uninstalls, active time and user patterns for a fixed monthly rate.
CleverTap claims to have worked with over 8,000 companies including Vodafone, Star, Sony, Domino’s, Go-Jek, Cleartrip and BookMyShow.
Jain said CleverTap processes around 26 million push notifications a minute, which translates into around 8 billion notifications daily across its customer base.
It also claims to be growing its revenue at 250% year-on-year since 2015.
The startup operates out of San Francisco, London, Singapore, Mumbai and Bengaluru.
“Powered by the next generation of data science-enabled capabilities, it is allowing companies to automate their marketing decisions, leading to better business outcomes. We are excited to bring our expertise to CleverTap to support them in this mission," said Prashanth Prakash, partner, Accel Partners.
CeleverTap is one of the several business-to-business (B2B) startups in India to attract investor attention. Apart from SaaS products, robotics, logistics and trucking have witnessed several notable deals in the last one year.
Last month, Bengaluru-based Fyle, which provides expense management software for enterprises, had raised $4.2 million in a Series A round led by Tiger Global.
This story has been published from a wire agency feed without modifications to the text.
