Tiger and Sequoia-backed CleverTap raises $105 Mn in Series D

Customer retention platform CleverTap has raised $105 million in a Series D financing round led by CDPQ. The round was also joined by IIFL Private Equity, along with the participation of existing investors like Tiger Global and Sequoia.

The fresh funds will be used towards accelerating GTM, expansion and brand-building in developed markets, the company said in a statement.

In October 2019, CleverTap had raised $35 million from Tiger Global and Sequoia Capital India at a valuation of $385 million. The company has managed to raise the new round at a two-fold jump in valuation to $775 million. It also joined a clutch of startups which could have joined unicorn status.

Earlier this year Zepto raised its latest round at a valuation of $900 million. Insurtech startup Turtlemint and bike taxi cum logistics platform Rapido also scooped up their last rounds at $900-950 million and $800 million valuation respectively.

CleverTap was founded in 2013 by Sunil Thomas, Anand Jain and Suresh Kondamudi while its CEO Sidharth Malik joined the company in 2021. The company empowers digital consumer brands to increase customer retention and lifetime value.

The platform drives contextual individualization with the help of a unified and deep data layer and automation which enables brands to offer hyper-personalized experiences to their customers.

CleverTap claims that it has more than 1,200 customers in 60 countries and over 10,000 apps, including Gojek, ShopX, Canon, Mercedes Benz, Jio, Premier League, and Tesco leveraging its platform to achieve their retention and engagement goals.

The Mumbai-based company has offices in California, Singapore, Sofia, São Paulo, Bogota, Amsterdam, Jakarta and Dubai. Two months ago, CleverTap acquired San Francisco-based multi-channel customer engagement platform Leanplum for an undisclosed sum.