San Francisco and Mumbai-based mobile marketing platform CleverTap, has raised a $35 Mn Series C funding round from existing investors Sequoia Capital and Tiger Global. The company said it is now valued at $385 million, more than double the value from the $150 million at the beginning of the year.
The company has raised $61 Mn in 2019 alone, and its total funding till date has grown to over $76 Mn.
The company claims to be growing at 250% YoY since 2015 and said it would use the funds to build out its new US-based engineering hub, besides adding “enhanced predictive capabilities” with expansion into other markets with specific go-to-market strategies for each. The company will also be hiring across engineering, sales, and marketing in its US, Latin America, Europe, and Asia operations.
CleverTap was founded in 2013, by Anand Jain, Sunil Thomas and Suresh Kondamudi who quit their lucrative jobs at Network18 to build the customised platform which could analyse user behaviour, group them into multiple groups and on the basis of what they have done or not done, send them push notifications, emails, SMSes, etc.
Sunil Thomas said,
It’s been an incredible journey. Six years ago I started the company alongside my co-founders, Anand Jain and Suresh Kondamudi, with a goal that has never changed. We want to help our customers engage and retain their users. Since then, we’ve helped over 8,000 apps around the world drive over $2 billion in incremental revenue by allowing them to understand and engage their users in a more meaningful way.
This Series C funding round is a fantastic milestone for us, and will fuel some very exciting plans to ensure our customers’ success.
We’re going to invest in building out our US-based engineering hub. We will be adding enhanced predictive capabilities to our industry-leading platform. And we will be executing on an aggressive global go-to-market expansion strategy to help even more companies build lasting relationships with their users.
Sequoia India’s Managing Director Mohit Bhatnagar said,
“There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth. CleverTap is solving a significant pain point for marketers by offering a user retention platform that can exponentially increase customer lifetime value and long-term growth.”
It recently opened an APAC HQ in Singapore and has expanded its presence in the Americas and Europe recently to serve rapidly-scaling brands. Its customers in India and around Asia include Vodafone, Star, Sony, Domino’s Pizza, GO-JEK, Cleartrip and BookMyShow among others.
According to data from Grand View Research, the mobile marketing market is expected to reach $223.41 Bn by 2025 growing at a CAGR of 22.8% in the said period. Major competitors of CleverTap are Urban Airship, Amplitude, WebEngage, Lean Plum etc.
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