India’s CleverTap raises $105m Series D
India and US-based customer engagement platform CleverTap has raised a USD 105m Series D round led by Caisse de depot et placement du Quebec (CDPQ).
IIFL Private Equity, Tiger Global, and Sequoia Capital India also participated. Tiger Global and Sequoia led the USD 35m Series C in 2019. Funding since 2014 comes to more than USD 175m, according to AVCJ Research.
CleverTap was founded as WizRocket in 2013 in India and quickly moved its headquarters to Silicon Valley. The company still maintains a significant presence in India, but an Asia headquarters was established in Singapore in 2019. The company will use the Series D to drive further global expansion.
CleverTap claims to the global leader in cloud services for customer engagement and retention, helping 1,200 digital consumer brands offer personalised experiences to customers. Clients include Gojek, ShopX, Canon, Electronic Arts, English Premier League, TD Bank, Carousell, AirAsia, Papa John’s, and Tesco.
IIFL described the company as one of the fastest growing software-as-a-services providers with best-in-class revenue retention rates.
Recent traction includes the acquisition of US customer retention player Leanplum and the launch of TesseractDB, a customer engagement and retention database. TesseractDB is said to transform large amounts of first-party user data in a privacy-friendly, accessible, and affordable way to enable real-time user personalisation.
“CleverTap has established itself as a partner of choice for its clients by helping them generate significant incremental revenue. Its subscription-based platform offers a single and reliable source of information that allows brands to maximise the lifetime value of their existing customers by engaging them in a highly personalized way,” Martin Laguerre, head of private equity at CDPQ, said in a statement.
“As consumer brands are increasingly focused on customer retention and prioritise tools offering tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience.”
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