CleverTap co-founder Sunil Thomas returns as CEO following Sidharth Malik's departure

CleverTap, the global customer engagement platform, has announced that Sidharth Malik has stepped down as CEO, with co-founder Sunil Thomas resuming the role. 

Confirming the development to Entrackr, a company spokesperson stated, “Sidharth Malik stepped down in July 2024 due to personal reasons. We are grateful for his contributions over the past three years and wish him success in his future endeavors. Sunil Thomas, CleverTap’s co-founder and executive chairman, has taken over as CEO.”

Malik was appointed as the global CEO of CleverTap in 2021. Previously, he served as Chief Revenue Officer at Freshworks until October 2023, before assuming the position of chairman of Freshworks India. In the next phase of his career, Malik has joined Westbridge Capital as a SaaS advisor board member. He also continues to serve as a non-executive director on the board of Zacco India.

In August 2022, CleverTap raised $105 million in a Series D financing round led by CDPQ. The company is anticipated to reach unicorn status in its next round, as it was valued at approximately $775 million during the Series D round.

According to data compiled by TheKredible, over 30 Indian startups appointed or elevated new chief executive officers (CEOs) within the first 10 months of 2024. With this latest appointment, CleverTap joins the ranks of companies like Cleartrip, Zoomcar, Acko Life, DealShare, MyGate, Inshorts, Cult.fit, Third Wave Coffee, Freshworks, PhonePe International Business, Ola Financial Services, BharatPe, iD Fresh, and Setu, all of which have named new CEOs this year.