CleverTap, a mobile marketing and analytics startup, on Tuesday said that it has raised $35 million in a Series C round, led by existing investors Tiger Global Management and Sequoia Capital.
Post the round, the startup is valued at $385 million, the statement added.
CleverTap plans to use the funds to expand beyond its core market in India, to the US, Europe, Middle East, Indonesia, Singapore, Vietnam, and Malaysia, where it is currently growing, said co-founder Anand Jain in an email.
CleverTap currently helps consumer-facing businesses, which have a mobile or web app, to build effective user engagement and retention strategies- in sectors such as media and entertainment, urban transportation, travel, telecom, e-commerce, food delivery, and fintech.
It provides a real-time dashboard for mobile app developers to keep track of metrics such as new installs/uninstalls, active time and user patterns for a fixed monthly rate.
Its clients include streaming platform Hotstar, ticketing firm BookMyShow and fantasy gaming startup Dream11 among others.
Outside of India, North America is a key growth market for CleverTap, but other geographies are showing potential as well, said Jain.
“While North America remains a key growth geography for us, markets such as Latin America are witnessing rapid internet adoption (46% growth y-o-y in 2018). Savvy consumers plus the emergence of future-forward businesses that cater to regional nuances are driving demand in this region,” Jain said.
Businesses are learning from their global peers and understand the need to be retention focused from day one, and are integrating this approach in their growth strategy, he added.
CleverTap last raised $26 million in a Series B round in April, which was led by Sequoia. Tiger and existing investor Accel Partners had also participated in that round.
“Our investors believe in our mission, our ability to innovate and bring a long-term perspective to the market. They understand the space we operate in very well and have been wonderful partners in our growth. As this is a long-term partnership, they decided to participate in this round as well,” Jain said.
The Software-as-a-service (SaaS) space has seen strong investor interest this year, driven by investors such as Tiger, which has been on a SaaS dealmaking spree this year.
Mint reported on 20 May that Tiger has invested at least $200 million across more than half a dozen software startups this year, marking a change in its thesis from earlier years, when it used to back consumer internet firms with similar vigour.
Tiger’s other SaaS bets this year include Zenoti, which provides software to spas and salons; Locus, which provides automation in the logistics space; OkCredit, a cloud-based accounting software firm for micro-merchants; Open, which provides banking services to businesses; Sirion Labs, which helps large enterprises manage outsourcing and procurement services, besides providing contract management software, among others.
Source: Mint