Full-stack marketing automation Platform WebEngage has raised $20 million in its Series B round led by Singularity Growth Opportunities Fund and SWC Global with participation from existing investors India Quotient, Blume Ventures and IAN Fund.
The round also saw participation from a few family offices including the likes of Unmaj Corporation, NB Ventures, Shashwat Nakrani (Cofounder of BharatPe), and Gopal Srinivasan (Chairman, TVS Capital) amongst others.
Entrackr had exclusively reported about the ongoing funding round on August 1. The fresh capital will be deployed to maintain its growth trajectory. WebEngage has been growing 100% YoY and it has scaled operations across India, MENA and SEA regions.
While WebEngage did not disclose its valuation, the company was valued at around $90 million when it scooped up $16 million as a part of the current round, as per Fintrackr’s estimates.
Mumbai-based 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.
According to the company, it is working with over 600 clients including new-economy and internet-first businesses as well as propelling the digital transformation journey for the enterprise clients.
The company also said that it is burning only ~$6 million in capital to reach a $20 million annual revenue run rate. WebEngage’s founder and CEO Avlesh Singh recently claimed that the company surpassed Rs 100 crore in annual revenue in FY22. In the previous fiscal year, its revenue stood at around Rs 50 crore.