This brings their total valuation to $385 million, up from $150 million at the beginning of 2019. Funding was led by previously existing investors, Tiger Global Management and Sequoia India.
CleverTap distinguishes its product by focusing on user retention and customer lifetime value, and they say they’ve helped generate more than $2 billion in incremental revenue for their customers.
Customers include Sony, Domino’s, 7-Eleven, and ESPN. Many of their customers sit within fintech, travel, ecommerce, media/entertainment, and food tech.
Since 2015, CleverTap says, they’ve been growing at a rate of 250% YoY. And this year alone, they’ve doubled their customer base.
With this new funding, the company plans to build out its US-based engineering hub, add predictive capabilities, and work on their global go-to-market expansion.
Commenting on the funding, Managing Director of Sequoia Capital India LLP, 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.”
They have offices in San Francisco, Seattle, London, Singapore, and Mumbai.
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