California-based omnichannel user engagement platform CleverTap announced that it has raised $105 million in a Series D funding round led by Canadian investment company Caisse de dépôt et placement du Québec (CDPQ). The startup said it’d use the funding money for its global expansion and to enhance its offerings.
The round, which also saw participation from IIFL AMC, Tiger Global, Sequoia India and Recruit Holdings, brings CleverTap’s valuation up to $775 million, as reported by TechCrunch.
Founded in Mumbai in 2013 by Anand Jain, Sunil Thomas and Suresh Kondamudi, CleverTap’s variety of solutions help brands boost their app engagement and customer retention. The start-up said it now works with 1200 brands in 100 countries, representing over 10.000 mobile apps. Its existing customers include Gojek, ShopX, Canon, Electronic Arts, TED and more.
The funding round follows CleverTap’s acquisition of Leanplum, a US-based multi-channel customer engagement and retention platform. The start-up also acquired Patch last November to improve its in-app voice solutions.
“The latest fundraise reaffirms customer and market belief in CleverTap and our growth potential. This fundraise will help us elevate our growth trajectory and further enable us to innovate better and faster while staying ahead of the curve,” said CleverTap’s CEO Sidharth Malik. “The paradigms of user engagement are changing, and as industry leaders we are best positioned to help businesses adapt to this ever-evolving consumer landscape. Our recent acquisitions helped us expand our foothold in North America and Europe, and enhance our leadership in verticals such as on-demand and subscription.”
The startup said that CDPQ, which has committed $75 million, will join its board of directors once the funding fund is closed.
“CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way,” said Martin Laguerre, CDPQ’s Executive Vice-President and Head of Private Equity.” As consumer brands are increasingly focused on customer retention and prioritize tools offering tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience.”