Clevertap gets $26m funds from Tiger Global,Sequoia, Accel
Software-as-a-service platform Clevertap has raised USD 26 million from Tiger Global Management, and existing investors Sequoia India and Accel, which will be used to fund expansion.
Software-as-a-service platform Clevertap has raised USD 26 million from Tiger Global Management, and existing investors Sequoia India and Accel, which will be used to fund expansion. With this funding, the third for the five-year-old firm that pitches itself as a customer lifecycle management platform, total valuation has gone up above USD 150 million. The current round takes the total funds raised by it to USD 41.6 million, was led by Sequoia, while Tiger is the new investor.
The funds raised will be used for product innovation, especially on machine learning, doubling of workforce to 250 and increasing its geographical presence, co-founder Anand Jain told PTI. The company is looking to break even soon and report profit this year, Jain said, adding higher investments in the past few years have resulted in profit-booking being deferred. At present, it serves 8,000 customers, including names like
Vodafone, Domino's Pizza and Hotstar, across 100 countries through four offices including one in Mumbai. Though the company is headquartered in the US, Jain said it is a "Mumbai-born" global company.
The company is looking at hiring data scientists and also in product development and sales, he said.
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"Marketing technology is undergoing rapid transformation, and we believe Clevertap is well positioned to help consumer businesses drive materially higher customer lifetime values," Scott Shleifer, a partner at Tiger Global, said.