CleverTap, a mobile analytics and marketing startup has secured $26 million in a Series B funding round led by Sequoia India as per the company’s statement on Wednesday. Their existing investors New investor Tiger Global Management and existing investor Accel Partners also participated in the round. After the funding, now the company’s valuation is around $150 million.
Thrilled to announce that @CleverTap has raised a $26 million #SeriesB funding round, at a valuation of over $150 million from investors Tiger Global, @Sequoia_India and @Accel_India https://t.co/oF5aFzk7uz #Funding pic.twitter.com/ypQHX0XrkV
— CleverTap (@CleverTap) April 10, 2019
The company will improve product capabilities and help meet growing demand with fresh funding. Founded by Anand Jain, Sunil Thomas and Suresh Kondamudi in 2013, CleverTap helps businesses improve their customer mobile app experience.
The startup drives user engagement by using formats like advertisements, push notifications, targeted ads, web notifications, and a mix of other app marketing formats.
“We largely work with consumer internet businesses by helping them segregate users on different categories. We use behavioural analytics to segment users based on their behaviour within the app,” Jain, the co-founder of CleverTap, said.
CleverTap processes around a whopping 8 billion push notifications daily which means it has a huge customer base. The revenue has also been growing at 250% year-on-year since 2015 as per the company.
The operational locations of the company are based out of San Francisco, London, Singapore, Mumbai and Bengaluru.
“Powered by the next generation of data science-enabled capabilities, it is allowing companies to automate their marketing decisions, leading to better business outcomes. We are excited to bring our expertise to CleverTap to support them in this mission,” said Prashanth Prakash, partner, Accel Partners.