CleverTap raises $105 million in fresh funding round led by CDPQ

Global B2B SaaS platform for customer engagement and retention CleverTap announced it has signed definitive agreements to raise $105 million in a Series D funding round led by CDPQ, a global investment group who committed $75 million, with participation from IIFL AMC's Tech Fund, along with existing investors Tiger Global and Sequoia India.

Funds will be used to support CleverTap's global expansion and enhance the development of its world-class solutions and technology, the company said on Wednesday.

Mumbai and Silicon Valley-based CleverTap's customer engagement and retention SaaS platform leverages machine learning and artificial intelligence aims to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers.

The platform also said its 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, e-commerce, 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, 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.

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).

"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.

The platform competes with MoEngage and WebEngage, among others.