CleverTap Scoops $26 Million Funding; Focused at Driving Innovation in Customer Lifecycle …

… start-ups,” said Mohit Bhatnagar, Managing Director at Sequoia Capital India Advisors. “If you’re a product manager and don’t know what CleverTap …

Focus on Product Innovation, Data Science-Driven Product Capabilities for Enterprises to Optimize Customer Experiences at Scale

Customer lifecycle management platform, CleverTap, announced a $26 million Series B funding round, led by Sequoia India with participation from new investor, Tiger Global Management, and existing investor Accel. The funds will be used to accelerate CleverTap’s data science-driven product capabilities and scale to meet fast-growing demand for its customer lifecycle management platform. The new funding brings the company’s valuation to more than $150 million.

CleverTap’s platform enables businesses to deliver omnichannel experiences to millions of their customers in real time. Using CleverTap’s proprietary big data and artificial intelligence engine, businesses can analyze billions of user actions, providing marketing and growth teams with immediate customer context at every stage of the customer journey. CleverTap’s revenue has been growing at 250% year-over-year since 2015, driving over $2 billion in incremental revenue for its customers.

“Sequoia India is happy to lead this round of financing at one of the fastest growing SaaS start-ups,” said Mohit Bhatnagar, Managing Director at Sequoia Capital India Advisors. “If you’re a product manager and don’t know what CleverTap does, you may miss that promotion you are after.”

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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,” said Scott Shleifer, Partner, Tiger Global.

“CleverTap is meeting the growth and retention needs of some of the fastest growing consumer apps such as GO-JEK, Fandango, Hotstar and Zilingo. Powered by the next generation of data science enabled capabilities, it’s allowing companies to automate their marketing decisions – leading to better business outcomes. We’re excited to bring our expertise to CleverTap to support them in this mission,” said Prashanth Prakash, Partner at Accel.

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“We’re building CleverTap for the long term. The addition of Tiger Global to CleverTap’s existing investors, Sequoia India, Accel and Recruit Holdings, is a tremendous endorsement of our innovation and success. At the core, we believe that every business will benefit from the investments we continue to make in our platform,” said Sunil Thomas, CleverTap’s CEO and Co-founder.

CleverTap recently opened it’s APAC headquarters in Singapore, and has expanded its presence in the Americas and Europe to serve rapidly-scaling brands.

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Sequoia, Tiger Global and Accel pump $26 Mn Series B fund in CleverTap

… platform CleverTap has picked up $26 million Series B round led by Sequoia Capital whereas Tiger Global and Accel Partners also participated.

SaaS-based mobile analytics and marketing platform CleverTap has picked up $26 million Series B round led by Sequoia Capital whereas Tiger Global and Accel Partners also participated.

Tiger Global came in as a new investor while Sequoia and Accel had earlier led $8 million Series A round in 2015 including a seed round in 2014 respectively.

Till date, the six-year-old startup has raised over $41 million. This also includes an undisclosed investment in January 2018 from Japan-based Recruit Holdings Co.

Now, CleverTap valuation has soared to $150 million.

In a press statement to PTI, CleverTap’s co-founder said that the latest proceeds will be used for product innovation, doubling the workforce to 250 and increasing geographical footprint to South-East Asia, excluding China and Japan.

Referred to as the Mumbai-born global company, CleverTap was founded by Jain, Sunil Thomas, and Suresh Kondamudi. It essentially helps businesses to manage and engage customers by combining the power of real-time customer insights. It integrates advanced segmentation engine, and engagement tools into a single intelligent marketing platform.

CleverTap’s service covers a suite of point of contact with consumers, including email, in-app activity, push notifications, Facebook, and WhatsApp for Business.

Currently, CleverTap serves 8,000 customers such as Vodafone, Go-Jek, Domino’s Pizza and Hotstar, across 100 countries through four offices. Besides Mumbai, it has a base in California and Singapore.

Since its launch of $3.75 billion worth 11th fund in October 2018., Tiger Global has invested in over half a dozen Indan companies including Ola’s electric mobility arm, Fyle, Facilio, and Roposo.

Last month, Tiger Global’s oldest partner Lee Fixel announced his departure after serving 13 years stint at the hedge cum VC fund. Famously called as king of Indian e-commerce for his bold bets on India’s consumer internet business, Fixel will depart on June 30.

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Sequoia, Tiger Global and Accel inject $26 mn into CleverTap

Late last year, for instance, India- and US-based marketing cloud platform MoEngage Inc. raised around Rs 63 crore from Matrix Partners and other …

Customer lifecycle management platform CleverTap has raised $26 million (Rs 179.4 crore) in a Series B round of funding led by existing investor Sequoia Capital.

US-based hedge fund and venture-style investment firm Tiger Global Management came in as a new investor in the round while existing VC investor Accel also pumped money into CleverTap, the startup said in a statement.

CleverTap, operated by WizRocket Technologies Pvt. Ltd, said the fresh capital has taken its valuation to more than $150 million.

The company had raised $1.6 million in seed capital from Accel in July 2014 and $8 million from Accel and Sequoia in 2015. It had also raised funding from Japan’s Recruit Holdings last year.

Mohit Bhatnagar, managing director at Sequoia Capital India Advisors, said in the statement that CleverTap is one of the fastest-growing software-as-a-service startups.

Prashanth Prakash, partner at Accel, said CleverTap is using next-generation data-science capabilities to allow companies to automate their marketing decisions.

The startup said it plans to use the capital to focus on product innovation for enterprises and accelerate its data science-driven product capabilities.

CleverTap’s behavioural and user engagement analytics platform allows businesses to find people, events and behaviour on their websites and apps. It then uses behavioural trends to help improve customer retention and engagement.

CleverTap was founded in 2013 by Sunil Thomas, Anand Jain and Suresh Kondamudi.

A University of Washington alumnus, Thomas was earlier chief technology officer at internet solutions firm Infospace Inc. Jain was previously CTO of local search site Burrp.com. He had also worked at Motorola and AT&T Wireless. Kondamudi is an IIT-Madras graduate and had previously worked at Qwest Software and JiGrahak Mobility Solutions.

The company claims to have more than 8,000 customers. It counts firms such as Sony, Zomato, Hotstar and Zilingo among its clients. CleverTap recently opened its Asia-Pacific headquarters in Singapore, and has also expanded its presence in the Americas and Europe.

CleverTap is one of several SaaS companies that offer customer management platforms to have raised funding over the past year or so. Late last year, for instance, India- and US-based marketing cloud platform MoEngage Inc. raised around Rs 63 crore from Matrix Partners and other investors. User engagement SaaS startup WebEngage raised funding from US-based venture capital firm Social Capital last year.

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China’s CDH Investments leads Series B round in reseller platform GlowRoad

In September 2017, GlowRoad had secured $2 million (Rs 12.8 crore) in Series A funding from Accel Partners. The venture was earlier known as …

Women-focused reseller platform GlowRoad, run by Accelerator Enterprises Pvt. Ltd, has secured $10 million (Rs 69 crores at current exchange rates) in a Series B funding round led by Chinese alternative asset management firm CDH Investments, a media report stated.

Existing investor Accel India also participated in the round, a report in Chinese technology news publication 36kr said.

The company will use the money to build its supply chain and for business development, the report added.

In September 2017, GlowRoad had secured $2 million (Rs 12.8 crore) in Series A funding from Accel Partners.

The venture was earlier known as LocalQueen.com and rebranded as GlowRoad in June 2017 by Sonal Verma, a doctor by qualification. The company connects housewives, who want to start a reselling business at home, with suppliers.

GlowRoad competes with Meesho, Shop101 and Wooplr.

In November 2018, Meesho, an online marketplace for resellers, raised $50 million (Rs 365 crore) in a Series C round of funding from a number of investors including China’s Shunwei Capital, Russian billionaire Yuri Milner’s DST Partners and RPS Ventures, a fund set up by former SoftBank managing director Kabir Misra.

In December 2018, Mumbai-based Shop101, a mobile storefront and commerce platform for sellers, secured Rs 80 crore ($11.37 million then) in a Series B funding round led by venture capital firm Kalaari Capital and consumer goods giant Unilever’s investment arm Unilever Ventures.

CDH Investments

The diversified alternative asset management platform was founded in 2002 by WU Shangzhi, JIAO Shuge and four other investment professionals and has about $20 billion in assets under management as of June 2018.

It covers private equity, real estate, venture and growth capital, mezzanine and credit, public equities and wealth management.

In June last year, VCCircle reported that the firm intended to set up a venture capital fund catering to India and Southeast Asia. In India, the investment firm is targeting companies in fast-moving consumer goods, retail and consumer internet sectors.

In March this year, CDH Investments along with venture capital firm Nexus Venture Partners invested $3.2 million (nearly Rs 22 crore) in a seed funding round in lifestyle brand Mayfair.

In June 2018, it led a $12-million Series C round in Cashify, an online platform for selling used electronics.

Accel

The US-headquartered venture capital firm has been an early investor in India’s startup ecosystem and has backed firms like Flipkart and Freshworks.

In 2018, Accel was the second-most active VC firm in the country, after Sequoia Capital India.

Accel’s most recent deals include medical-technology startup SigTuple and field service management startup Zinier Inc.

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Indian social commerce startup GlowRoad raises $10M Series B

… from investors including Shunwei Capital, Sequoia Capital India, RPS Ventures, Y Combinator, Venture Highway, SAIF Partners and DST Partners, …

Indian social commerce startup GlowRoad announced today that it has raised a $10 million Series B. The round was led by CDH Investments, a Chinese investment firm, with participation from returning investor Accel Partners.

GlowRoad’s last funding, a $2 million Series A led by Accel, was announced in September 2017, a few months after it launched. The startup’s founding team includes Sonal Verma, a physician who focused on community medicine before co-founding telemedicine company HealthcareMagic in 2008. During her medical work, Verma realized that many stay-at-home mothers and housewives resell products in their neighborhoods. GlowRoad was created to help them take their businesses online by drop-shipping products.

GlowRoad screens manufacturers before adding them to its platform, then GlowRoad’s sellers decide which items to add to their stores and how to market them. The company now claims more than 100,000 resellers, 20,000 suppliers and 300,000 buyers. One of its most notable competitors is reselling platform Meesho, which has raised a total of $65.2 million from investors, including Shunwei Capital, Sequoia Capital India, RPS Ventures, Y Combinator, Venture Highway, SAIF Partners and DST Partners, according to Crunchbase.

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