Tech firm CleverTap raises $26m from Tiger Global, Sequoia India, Accel

Photo by Luis Villasmil on Unsplash

Customer lifecycle management platform CleverTap on Wednesday announced that it has raised $26 million in a Series B round of financing led by existing investor Sequoia Capital.

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.

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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.