CleverTap bets big on product innovation, raises $26 million in series B funding

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Published: April 12, 2019 4:03:13 AM

The US-based firm recently raised $26 million in its series B funding round which also saw participation from new investor Tiger Global Management and existing backer Accel.

CleverTap is enabling innovation using machine-learning based automation and personalisation capabilities, CEO and co-founder Sunil Thomas said.

Online customer life cycle management platform CleverTap whose valuation hit over $150 million with its latest round of funding led by Sequoia India will use the capital to “fuel product innovation”, CEO and co-founder Sunil Thomas said in a blog.

The US-based firm recently raised $26 million in its series B funding round which also saw participation from new investor Tiger Global Management and existing backer Accel.

The online platform that counts Hotstar, Sony, BookMyShow and Vodafone as its customers, among others, helps brands improve customer lifetime value and profitability by delivering consistent customer experiences across all touchpoints. “By leveraging all their data in real time, and at scale, we help them deliver a better customer experience,” Thomas said.

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CleverTap is enabling innovation using machine-learning based automation and personalisation capabilities, he added.

The firm also entered a strategic partnership with Nexmo to further diversify user touchpoints with channels like WhatsApp Business, Facebook Messenger, Viber, SMS, MMS, and voice, Thomas said in the blog.

Founded in May 2012, the firm now has customers across 100 countries. CleverTap claims that its revenue has been growing at 250% year-over-year since 2015, driving over $2 billion in incremental revenue for its customers.

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“Our customer data platform captures and operationalises millions of data points from external sources,” the company claims.

Thomas believes the firm’s “omnichannel orchestration capability is one of the most comprehensive in the industry, with over 10 channels, including mobile push, web pop ups, email, and remarketing (on Google/Facebook”). The company has so far raised about $41.6 million in funding, according to data from Crunchbase.

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