Mobile marketing platform CleverTap on Tuesday announced a fund raise of USD 35 million
led by existing investors Tiger Global Management and Sequoia India, which will be deployed to have an engineering hub in US.
The company said it is now valued at USD 385 million, which is more than double from the USD 150 million at the beginning of the year.
In a statement, CleverTap said it has been growing at the rate of 250 per cent every year since 2015. “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,” its co-founder and chief executive Sunil Thomas said.
The statement claimed its customer lifecycle and user retention platform leverages machine learning to offer an engagement suite that enables brands to convert, engage, retain, and grow their mobile user base.
The company claimed has helped generate over USD 2 billion in incremental revenue to its customers, and currently reaches more than one billion devices and over 8,000 consumer apps in more than 100 countries.
“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,” Sequoia’s managing director Mohit Bhatnagar said.
The company will be focusing on global expansion and product development and the funds will be used to fuel team growth across engineering, sales, and marketing across the US, Latin America, Europe, and Asia, it said. PTI AA