Mobile marketing startup CleverTap raises $35m led by Tiger, Sequoia

CleverTap, a mobile marketing and analytics startup, on Tuesday said that it has raised $35 million in a Series C round, led by existing investors Tiger Global Management and Sequoia Capital.

Post the round, the startup is valued at $385 million, the statement added.

CleverTap plans to use the funds to expand beyond its core market in India, to the US, Europe, Middle East, Indonesia, Singapore, Vietnam, and Malaysia, where it is currently growing, said co-founder Anand Jain in an email.

CleverTap currently helps consumer-facing businesses, which have a mobile or web app, to build effective user engagement and retention strategies- in sectors such as media and entertainment, urban transportation, travel, telecom, e-commerce, food delivery, and fintech.

It provides a real-time dashboard for mobile app developers to keep track of metrics such as new installs/uninstalls, active time and user patterns for a fixed monthly rate.

Outside of India, North America is a key growth market for CleverTap, but other geographies are showing potential as well, said Jain.

“While North America remains a key growth geography for us, markets such as Latin America are witnessing rapid internet adoption (46% growth y-o-y in 2018). Savvy consumers plus the emergence of future-forward businesses that cater to regional nuances are driving demand in this region,” Jain said.

Businesses are learning from their global peers and understand the need to be retention focused from day one, and are integrating this approach in their growth strategy, he added.

CleverTap last raised $26 million in a Series B round in April, which was led by Sequoia. Tiger and existing investor Accel Partners had also participated in that round.

The Software-as-a-service (SaaS) space has seen strong investor interest this year, driven by investors such as Tiger, which has been on a SaaS dealmaking spree this year.

Mint reported on 20 May that Tiger has invested at least $200 million across more than half a dozen software startups this year, marking a change in its thesis from earlier years, when it used to back consumer internet firms with similar vigour.

Tiger’s other SaaS bets this year include Zenoti, which provides software to spas and salons; Locus, which provides automation in the logistics space; OkCredit, a cloud-based accounting software firm for micro-merchants; Open, which provides banking services to businesses; Sirion Labs, which helps large enterprises manage outsourcing and procurement services, besides providing contract management software, among others.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.