B2B SaaS businesses in India are finding no friction in raising venture capitals money. FreshWorks, Druva and Incertis had turned Unicorns with the three-digit funding rounds. Back to back rounds in Clevertap further demonstrates the increasing appetite of investors in software product companies.
After raising $26 million Series B round six months ago, CleverTap has raised $35 million Series C round led by existing investors, Sequoia India and Tiger Global Management.
Post investment, CleverTap has been valued at about $385 million, a 2.5X jump from April this year. So far, it has raised about $77 million in total risk capital across three institutional round.
According to the company’s blog post, it will utilise the funds to build out its Los Angeles-based engineering hub, expand footprints across North America and Canada, Europe and Latin America. A portion of the proceeds will also be deployed towards expanding into core geographies – India and Asia Pacific region.
CleverTap, through its proprietary big data and artificial intelligence-powered platform, helps B2C companies to build compelling user engagement and retention strategies in segments including e-commerce, foodtech, fintech, mobility, travel, and telecom.
The Mumbai and San Francisco-based company. mainly helps mobile app developers to keep track of metrics such as new installs/uninstalls, active time and user patterns for a fixed monthly rate.
The firm has a reach of over one billion devices across 8,000 consumer apps such as Go-Jek, Hotstar, Sony, Zilingo, BookMyShow, among others, in more than 100 countries. As of now, CleverTap claims to help these companies to generate over $2 billion in incremental revenue for its customers.
This would be 22nd deal across B2B and B2C segments for Tiger Global since October 2018. It recently led $50 million round in NoBroker and has backed notable startups in their early and late-stage including, OkCredit, InterviewBit Academy, Ninjacart, Vedantu, NestAway, and UrbanClap.