CleverTap Receives Funding Worth $35 Million From Tiger Global and Sequoia

Team Startup CitySan Francisco and Mumbai-based WizRocket which is the parent company of mobile marketing platform CleverTap has raised $35 million in the Series C funding round from existing investors Sequoia Capital and Tiger Global. The new funding round raised CleverTap’s valuation from $150 million to $385 million, according to the company’s statement. The company has raised $61 million in 2019 alone, and its total funding to date has grown to over $76 million.

The company claims to be growing at 250% year over year since 2015 and said that it would use the funds to build out its new US-based engineering hub, besides adding “enhanced predictive capabilities” with expansion into other markets with specific go-to-market strategies for each. The company also mentioned
global expansion and product development will be the primary areas of emphasis. The company will be hiring across engineering, sales, and marketing in its US, Latin America, Europe, and Asia operations.

CleverTap works with apps to increase user retention and increase customer lifetime value in terms of revenue. Co-founder and CEO Sunil Thomas said the company not only provides actionable insights but also delivers the right message to drive engagement with real-time visibility on usage data. The company claims to have seen customer growth grow by over 2X in the past year with an average of over eight billion user actions processed each day. It also claimed to have helped generate over $2 billion in incremental revenue for apps and has a cumulative reach of more than a billion devices with over 8,000 consumer apps as customers in more than 100 countries.

Founded in 2013, by Anand Jain, Sunil Thomas, and Suresh Kondamudi who quit their lucrative jobs at Network18 to build the customized platform which could analyze user behavior, group them into multiple groups and based on what they have done or not done, send them to push notifications, emails, SMSes, etc. It had in April this year from Sequoia, Tiger Global and other investors. It recently opened an APAC HQ in Singapore and has expanded its presence in the Americas and Europe recently to serve rapidly-scaling brands. Its customers in India and around Asia include Vodafone, Star, Sony, Domino’s Pizza, GO-JEK, Cleartrip and BookMyShow among others.