CleverTap Raises US$105M in Series D Funding Round Led by CDPQ
August 10 2022 - 9:00AM
JCN Newswire
CleverTap, a leading global B2B SaaS platform for customer
engagement and retention today announced it has signed definitive
agreements to raise US$105M in a Series D funding round led by
CDPQ, a global investment group who committed US$75M, with
participation from IIFL AMC's Tech Fund, along with existing
investors Tiger Global and Sequoia India. The funds will be used to
support CleverTap's global expansion and enhance the development of
its world-class solutions and technology.
Founded in Mumbai in 2013 and headquartered in Mountain View,
California, CleverTap's customer engagement and retention SaaS
platform leverages machine learning and artificial intelligence to
offer a comprehensive user engagement suite that enables brands to
build valuable, long-term relationships with their customers.
CleverTap's subscription-based solution has been adopted by a loyal
customer base of 1,200 brands in 100 countries representing 10,000
apps across industries including Fintech, eCommerce, Subscription,
On Demand, and Streaming media.
In June 2022, CleverTap completed the acquisition of San
Francisco-based Leanplum, a leading multi-channel customer
engagement platform, further strengthening its footprint in North
America and Europe. In the same month, it also unveiled
TesseractDB(TM), the world's first purpose-built database designed
to dramatically improve user engagement and retention for digital
consumer brands.
"Our vision has been to reshape the way businesses engage with
their consumers and bring the tech to MarTech. The addition of
long-term investors CDPQ and IIFL AMC Tech fund to CleverTap's
existing backers, Sequoia India, Accel, Tiger Global, and Recruit
Holdings is a great endorsement of the successful business we have
built, the innovation we bring to the market and the growth
potential CleverTap holds," said Sunil Thomas, Co-founder and
Executive Chairman, CleverTap. "The fresh funds will help fuel our
plans to further strengthen our presence in key geographies and
expand our teams. The last few months have been quite exciting for
us with the Leanplum acquisition and unveiling of TesseractDB(TM).
And now with the new institutional investors coming on board we
have all that we need to grow at a faster rate while consolidating
our position as the global leader in the retention space."
"CleverTap has established itself as a partner of choice for its
clients by helping them generate significant incremental revenue.
Its subscription-based platform offers a single and reliable source
of information that allows brands to maximize the lifetime value of
their existing customers by engaging them in a highly personalized
way" said Martin Laguerre, Executive Vice-President and Head of
Private Equity, CDPQ. "As consumer brands are increasingly focused
on customer retention and prioritize tools offering tangible return
on investment, we believe CleverTap is well positioned to maintain
its global growth trajectory and help more businesses enhance their
customer experience."
"CleverTap is a fast-growing SaaS company that not only has
recurring revenue streams and top tier financial metrics, but also
a scalable business model with large addressable markets" added
Meng Ann Lim, Managing Director, Direct Private Equity for Asia
Pacific, CDPQ. "This investment is in line with our strategy to
work with innovative companies that enable rapid digital
transformation, especially in the Asia-Pacific region where high
smartphone penetration is facilitating the digitalization of the
economy at a rapid pace."
"Enterprises are increasingly looking to engage with customers in a
real time and in a personalized manner across digital channels.
CleverTap's full stack approach to customer engagement allows them
to perform user analytics and run personalized customer campaigns
on a real-time basis which enables companies to improve user
retention and understand user journeys across channels" said Chetan
Naik, Fund Manager and Senior Executive Vice-President, Private
Equity at IIFL AMC. "CleverTap has built a unique product suite and
analytics capabilities that runs over a proprietary database.
CleverTap is one of the fastest growing SaaS companies with
best-in-class revenue retention rates. We are excited to partner
with them in their journey of creating a leading global customer
retention platform out of India."
"The latest fundraise reaffirms customer and market belief in
CleverTap and our growth potential. This fundraise will help us
elevate our growth trajectory and further enable us to innovate
better and faster while staying ahead of the curve," said Sidharth
Malik, Chief Executive Officer, CleverTap. "The paradigms of user
engagement are changing, and as industry leaders we are best
positioned to help businesses adapt to this ever-evolving consumer
landscape. Our recent acquisitions helped us expand our foothold in
North America and Europe, and enhance our leadership in verticals
such as on-demand and subscription."
As part of the transaction, CDPQ will join CleverTap's Board of
Directors upon closure of this funding round. IIFL AMC's investment
is subject to approval from Securities and Exchange Board of India
(SEBI).
About CleverTap
CleverTap is the World's No.1 retention cloud that empowers digital
consumer brands to increase customer retention and lifetime value.
CleverTap drives contextual individualization with the help of a
unified and deep data layer, AI/ML-powered insights, and automation
enabling brands to offer hyper-personalized and delightful
experiences to their customers. 1,200 customers in 100 countries
and 10,000 apps, including Gojek, ShopX, Canon, Electronic Arts,
TED, English Premier League, TD Bank, Carousell, AirAsia, Papa
John's, and Tesco, trust CleverTap to achieve their retention and
engagement goals, growing their long- term revenue. Backed by
leading investors such as Sequoia India, Tiger Global, Accel, CDPQ,
IIFL and Recruit Holdings, the company is headquartered in Mountain
View, California, with offices in Mumbai, Singapore, Sofia, Sao
Paulo, Bogota, Amsterdam, Jakarta, and Dubai. For more information,
visit clevertap.com or follow on LinkedIn and Twitter.
About CDPQ
At CDPQ, we invest constructively to generate sustainable returns
over the long term. As a global investment group managing funds for
public pension and insurance plans, we work alongside our partners
to build enterprises that drive performance and progress. We are
active in the major financial markets, private equity,
infrastructure, real estate and private debt. As at December 31,
2021, CDPQ's net assets totalled CAD 419.8 billion. For more
information, visit cdpq.com, follow us on Twitter or consult our
Facebook or LinkedIn pages.
CDPQ is a registered trademark owned by Caisse de depot et
placement du Quebec and licensed for use by its subsidiaries.
About IIFL AMC
IIFL Asset Management (IIFL AMC) is a part of IIFL Wealth and Asset
Management. IIFL AMC is an alternates-focused asset management and
has been playing a pivotal role in the growth of the AIF industry
in India. A disciplined and active management approach combined
with research-led strategies allows IIFL AMC to tap into India's
potential for delivering on its commitments and long-term growth.
The AMC's diversified suite of mutual funds, PMS, alternative
investment funds, credit funds and venture capital funds span
public and private equities as well as fixed income securities and
real estate. IIFL AMC's distinctive products bring out the
entrepreneurial edge, agility and speed of execution of a boutique
asset management business, while providing gold standards of
corporate governance of a large corporation with a long-term
focus.
For more information
SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com
MEDIA RELATIONS TEAM, CDPQ
+1 514 847-5493
medias@cdpq.com
IPSHITA BALU
+91 95901 11798
Ipshita.balu@archetype.co
Forward-Looking Statements
Some of the statements in this press release may represent
CleverTap's belief in connection with future events and may be
forward-looking statements, or statements of future expectations
based on currently available information. CleverTap cautions that
such statements are naturally subject to risks and uncertainties
that could result in the actual outcome being absolutely different
from the results anticipated by the statements mentioned in the
press release. Factors such as the development of general economic
conditions affecting our business, future market conditions, our
ability to maintain cost advantages, uncertainty with respect to
earnings, corporate actions, client concentration, reduced demand,
liability or damages in our service contracts, unusual catastrophic
loss events, war, political instability, changes in government
policies or laws, legal restrictions impacting our business, impact
of pandemic, epidemic, any natural calamity and other factors that
are naturally beyond our control, changes in the capital markets
and other circumstances may cause the actual events or results to
be materially different, from those anticipated by such statements.
CleverTap does not make any representation or warranty, express or
implied, as to the accuracy, completeness or updated or revised
status of such statements. Therefore, in no case whatsoever will
CleverTap and its affiliate companies be liable to anyone for any
decision made or action taken in conjunction with the information
and/or statements in this press release or any related damages.
Source: CleverTap / CDPQ / IIFL
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