Other investors who infused capital in the current round include new investor Tiger Global Management and return backer Accel, CleverTap said in a statement. The new funding round values the six-year-old startup at more than $150 million.
Operated by WizRocket Technologies Pvt. Ltd, CleverTap has raised $41.6 million across four rounds of funding to date.
The company said the fresh round of capital will be used to accelerate its data science-driven product capabilities. According to a report in The Economic Times, the company will not only double down on its existing markets but will also expand across Southeast Asia, China and Japan.
CleverTap recently opened its APAC headquarters in Singapore, and has expanded its presence in America and Europe, the statement added.
“Marketing technology is undergoing rapid transformation, and we believe CleverTap is well positioned to help consumer businesses drive materially higher customer lifetime values,” said Tiger Global partner Scott Shleifer.
Founded in 2013 by Sunil Thomas, Anand Jain and Suresh Kondamudi, CleverTap claims that its proprietary big data and artificial intelligence engine can help businesses analyze billions of user actions. It counts firms such as Sony, Zomato, Hotstar and Zilingo among its clients.
CleverTap also said that its revenue has been growing at 250 per cent year-over-year since 2015 and that it has driven over $2 billion in incremental revenue for its customers.
“We’re building CleverTap for the long term. At the core, we believe that every business will benefit from the investments we continue to make in our platform,” said Sunil Thomas, CEO and co-founder of CleverTap.