CleverTap Raises $105 Million In Series D Funding
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CleverTap, a global B2B SaaS platform for customer engagement and retention, has raised $105 million in a Series D funding round led by CDPTQ, a global investment group who committed $75 million, with the participation from IIFL AMC’s Tech Fund. The round also saw participation from the existing investors Tiger Global and Sequoia India. The fund will be used to support CleverTap’s global expansion and enhance the development of its world-class solutions and technology.
“Our vision has been to reshape the way businesses engage with their consumers and bring the tech to MarTech. The addition of long-term investors CDPQ and IIFL AMC Tech fund to CleverTap’s existing backers, Sequoia India, Accel, Tiger Global and Recruit Holdings is a great endorsement of the successful business we have built, the innovation we bring to the market and the growth potential CleverTap holds,” said Sunil Thomas, co-founder and executive chairman, CleverTap.
The platform’s subscription-based solution has been adopted by a loyal customer base 1200 brands in 100 countries representing 10,000 apps across industries fintech, e-commerce, subscription on demand and streaming media, claimed by the company in a statement.
“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, executive vice-president and head of private equity, CDPQ.
Founded in 2013, CleverTap’s customer engagement and retention SaaS platform leverages machine learning and artificial intelligence to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers.
“Enterprises are increasingly looking to engage with customers in a real time and in a personalized manner across digital channels. CleverTap’s full-stack approach to customer engagement allows them to perform user analytics and run personalized customer campaigns on a real-time basis which enables companies to improve user retention and understand user journeys across channels,” said Chetan Naik, fund manager and senior executive vice-president, private equity at IIFL AMC.