Software-as-a-Service (SaaS) platform CleverTap has closed its Series C investment round, bagging USD 35 million in funding led by Sequoia India and Tiger Global Management, according to a statement released by the company.
This is the second time Sequoia India and Tiger Global Management have backed CleverTap in the last six months. According to Crunchbase, both companies invested in CleverTap’s Series B round in April this year. The new investment raises total investment in CleverTap in 2019 to USD 61 million. The company is currently valued at USD 385 million, according to the statement.
The California-based company said it will use the cash to expand around the world aggressively, enhance its platform, and build a new engineering hub in the United States.
Founded in 2015, CleverTap is a business-to-business mobile marketing platform that uses its proprietary big data and artificial intelligence-powered platform to help its clients analyze their consumers’ behaviors, enabling these brands to convert, engage, retain, and grow their mobile user base. In Southeast Asia, CleverTap counts Zilingo, Carousell, and Gojek as clients.
The company has been growing at 250% year-on-year since 2015. According to Clevertap, it has helped generate over USD 2 billion in incremental value for its customers and reaches more than one billion devices over 8,000 consumers apps in more than 100 countries.
Southeast Asia in particular has been a key market for CleverTap since January this year. The company has set up its regional headquarters in Singapore. It is active in Thailand, Vietnam, and Indonesia. Co-founder and CEO Sunil Thomas said CleverTap is committed to the region considering the growth potential of its internet economy.