November 30, 2022

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SaaS upstart CleverTap valuation jumps to almost $775Mn after newest Sequence D fundraise

A pandemic-induced excessive over the previous yr ensured that the SaaS business has grown by leaps and bounds to succeed in document highs. The success of the Indian SaaS market is testomony to this increase within the business – it’s anticipated to be valued at $60 billion by 2030. Earlier than the funding woes over the previous months, the Indian SaaS market noticed $4.5 billion value of investments final yr.

This regular progress has been helpful to SaaS gamers similar to CleverTap, which has bagged $105 million in a contemporary financing spherical. The Sequence D funding spherical was led by Caisse de dépôt et placement du Québec (CDPQ), a world funding group. IIFL, Tiger International, Sequoia India and Recruit Holdings additionally took half within the spherical.

Based on an individual accustomed to CleverTap’s fundraising plan, the SaaS-based buyer lifecycle administration and cellular advertising firm was seeking to enter the unicorn membership and shut the Sequence D spherical at a $1 billion valuation. Its plans had been derailed because of the funding crunch and present market situations, and it ended the spherical with a valuation of round $775 million.

This is a rise from the $385 million it was valued at three years in the past, when it raised $35 million as a part of its Sequence C spherical. The identical was led by notable buyers Sequoia Capital and Tiger International.

If clients wish to enhance the retention of shoppers and higher perceive their customers, CleverTap is the one for them. Based by Sunil Thomas, Anand Jain and Suresh Kondamudi in 2013, the startup helps its purchasers within the creation of custom-made person experiences and drives person engagement, serving to them with instruments like real-time person behavioral analytics for higher engagement and efficiency.

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With CleverTap’s options, its purchasers can even personalise their outreach, whereas constructing automated campaigns and offering messaging capabilities throughout totally different channels similar to e mail, in-app, and WhatsApp.

The worldwide attain of the Mumbai and California-headquartered startup has helped it serve over 1200 clients throughout over 60 nations. This contains well-known names similar to EA, Gojek, Mercedes Benz, Lenskart, PharmEasy, and Dream11. It additionally claims that over 10,000 cellular manufacturers belief the startup to “enhance app engagement and unlock progress.”

In the present day, CleverTap has an ARR of practically $100 million, in keeping with Thomas. It has additionally made two acquisitions thus far – it acquired Patch final November and cellular advertising vendor Leanplum this Might.