Tiger Global, Sequoia top up investment in mobile analytics platform CleverTap
Mobile analytics and marketing platform CleverTap has raised $35 million in a Series C funding round from existing investors Tiger Global Management and Sequoia Capital India.
The latest infusion takes the total capital raised by WizRocket, the Mountain View, California headquartered startup that owns CleverTap, to a little over $77 million, and puts its post-money valuation at $385 million, according to a statement.
WizRocket last raised capital in April this year, when it received $26 million in a Series B round from Sequoia, Tiger Global and Accel. While venture capital firms Sequoia and Accel were returning investors, the round marked the entry of New York headquartered alternative investment firm Tiger Global into the startup. CleverTap was valued at $150 million when the round closed.
Founded about seven years ago by Anand Jain, Sunil Thomas and Suresh Kondamudi, all former Network18 executives, CleverTap offers a machine learning based customer lifecycle and user retention platform that enables brands to engage, retain and grow their mobile user base.
The platform was born in Mumbai as WizRocket and rebranded to CleverTap in 2015. It continues to have operations in Mumbai, apart from Singapore and Silicon Valley.
Following the Series C round, the startup will build a new engineering hub in the US, add predictive capabilities to the platform and fuel its global expansion strategy, the statement said. “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,” CEO and co-founder Sunil Thoma said.
The startups claims that it has helped generate over $2 billion in incremental revenue for its customers. It currently reaches more than one billion devices and over 8,000 consumer apps in more than 100 countries and clients include Vodafone, ticketing platform BookMyShow and video streaming platform Hotstar.
“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,” Mohit Bhatnagar, managing director, Sequoia Capital India, said.