San Francisco and Mumbai-based mobile marketing platform provider startup CleverTap has raised $35 million from existing investors Sequoia Capital and Tiger Global in a Series C round of funding at the valuation of $385 million.
CleverTap said in a statement that startup growing with a robust 250% YoY CAGR.
The company is present in over 100 countries and reaches more than one billion mobile devices.
Automate marketing tool provider earlier raised $26 million from Tiger Global, Sequoia Capital, and Accel.
The Startup CleverTap has raised a total of $77 million in 5 rounds of funding from 5 investors.
The AI-powered mobile marketing startup CleverTap is founded in 2013 by Sunil Thomas, Anand Jain, and Suresh Kondamudi. CleverTap is the leading customer engagement and retention platform that helps brands maximize user lifetime value.
The startup claims that more than 8000 business houses including Sony, Vodafone, Carousell, DC Comics, Go-Jek, BookMyShow, and DealsPlus using CleverTap platform to find out the real-time customer insights, and plan their marketing.
In a statement, the company said in a press release that they invest these amounts in building out their US-based engineering hub and adding enhanced predictive capabilities to their industry-leading platform. Now, the company focuses on the global go-to-market expansion strategy and use these funds to achieve the target.
“We’re in the unique position to deliver a holistic solution that not only provides actionable customer insights but also delivers the right message to drive deeper engagement based on real-time customer usage—all at scale. This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers.”
“Leading companies know that the key to driving revenue growth in the mobile app space is increasing user retention and raising long-term customer lifetime value,”, Said Sunil Thomas, co-founder, and CEO of CleverTap.
“There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth,”Mohit Bhatnagar, Managing Director, Sequoia Capital India LLP, a led investor in the startup.
“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.”
In the press release, startup CleverTap said that funds also used in global expansion and innovative product development. Now the company will concentrate on building teams in the US, Latin America, Europe, and Asia, and funds will be used for this cause to get a leadership position in the territories.