Full-stack marketing automation Platform WebEngage has raised fresh funds of Rs 76.4 crore or nearly $10 million in its Series B round led by SWC Global Fund. The Mumbai-based startup had raised around $6 million as the first tranche of Series B led by Singularity Ventures in June this year.
WebEngage has passed a special resolution to issue 10 equity shares and 2,03,344 compulsory convertible preference shares (CCPS) at an issue price of 3,757 per share to raise Rs 76.4 crore or $9.63 million in Series B round, regulatory filings with ROC show.
SWC Global Fund spearheaded the round by infusing Rs 50 crore followed by existing investors IQ Fund and Blume Ventures who put Rs 18 crore and Rs 8 crore respectively. Further, Sonali Patel and Kushal Jayesh Khandwala also joined the round with Rs 20 lakh each.
Post allotment of this round, promoters stake will be diluted to 24.17% and SWC Global Fund will hold 7.08% stake. Moreover, IQ Fund and Blume Ventures will acquire 4.23% and 1.13% stake in the startup.
As per Fintrackr’s estimates, WebEngage has raised the fresh funding at a post-money valuation of $90 million. The company may raise more funds in this round and the valuation is likely to go up. It has raised over $27 million to date.
11-year-old WebEngage provides marketing automation services to consumer internet companies to make user engagement and retention simplified and effective. The platform claims to have more than 400 million monthly active user engagement and claims to have served its clients to help them generate additional $10 billion in revenue.
Porter, Alt Balaji, Acko, Adda52, Scripbox, Airblack, Juicy Chemistry, ApnaKlub are some of notable companies that have leveraged WebEngage’s service.
Avlesh Singh, WebEngage’s co-founder and CEO, recently claimed that the company crossed Rs 100 crore revenue mark in FY22 with a net loss of Rs 10 crore. The company’s operating revenue grew 35.7% to Rs 49.11 crore in FY21. However, the startup slipped into losses and posted Rs 9.53 crore loss against Rs 4 lakh profit in FY20.
Going by Singh’s statement, WebEngage managed to grow two fold in terms of revenue in FY22. The company is yet to file the audited financial statements for the last fiscal year.