Tiger Global-Backed Retention Platform CleverTap Raises $105 Mn

B2B SaaS platform Clevertap has secured $105 Mn in its Series D funding round led by Canada-based investment group CDPQ. 

IIFL AMC’s Tech Fund and existing investors – Tiger Global and Sequoia India, also participated in the funding round. 

According to the startup, CleverTap has inked definitive agreements to secure investment from the above-listed investors. While CDPQ infused $75 Mn in the funding round, IIFL AMC’s Tech Fund, Tiger Global and Sequoia India invested the remaining $30 Mn in the round. 

CleverTap will use the fresh funds to expand its footprint globally and enhance tech offerings. 

As part of the deal, CDPQ will join CleverTap’s board after the closure of the round. Meanwhile, IIFL AMC’s investment is subject to approval from the regulatory body SEBI.

“As consumer brands are increasingly focused on customer retention and prioritize 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,” said Martin Laguerre, executive vice-president and head of private equity at CDPQ. 

Including the current fundraising, CleverTap has raised a total of $181.1 Mn to date. 

The latest development comes after CleverTap acquired San Francisco-based customer engagement platform Leanplum in May this year.

Founded in 2013 by Anand Jain, Sunil Thomas and Suresh Kondamudi, CleverTap is an AI-based business-to-business platform that helps companies analyse user behaviour and accordingly, send customised notifications to their users. In essence, it helps organisations in improving customer engagement. 

“The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams. The last few months have been quite exciting for us with the Leanplum acquisition and unveiling of TesseractDB,” said Sunil Thomas, cofounder and executive chairman at CleverTap. 

CleverTap claims to have served over 12,00 customers across 100 countries. Some of its customers are Gojek, ShopX, Canon, Electronic Arts, TED, English Premier League, TD Bank, Carousell, AirAsia, among others. 

In the Indian SaaS segment, it faces competition from the likes of WebEngage, Xeno and MoEngage.

According to a report, India’s SaaS sector is estimated to generate revenue between $50 Bn and $70 Bn by 2030. It further stated that Indian enterprises will account for 4%-6% of the global market by 2030.