SaaS company CleverTap Raises $105 mn in funding round led by CDPQ

It runs a cloud service that helps digital brands to increase customer retention

CleverTap, which helps brands to increase and retain customers, has raised $105 million in a funding round led by global investment group CDPQ with participation from IIFL AMC’s Tech Fund and existing investors Tiger Global and Sequoia India.

The B2B SaaS firm on Wednesday signed agreements for the Series D round. As part of the transaction, CDPQ has committed $75 million funding and will join CleverTap’s board of directors. IIFL AMC’s investment is subject to approval from the Securities and Exchange Board of India (SEBI).

“The latest fundraise reaffirms customer and market belief in CleverTap and our growth potential. This fundraise will help us elevate our growth trajectory and further enable us to innovate better and faster while staying ahead of the curve,” said Sidharth Malik, CleverTap’s chief executive officer.

“The paradigms of user engagement are changing, and as industry leaders, we are best positioned to help businesses adapt to this ever-evolving consumer landscape,” Malik said.

CleverTap, which was founded in Mumbai in 2013 and is headquartered in Mountain View, California, runs a cloud service that helps digital brands to increase customer retention. It assists 1,200 customers from its offices in Mumbai, Singapore, Sofia, São Paulo, Bogota, Amsterdam, Jakarta, and Dubai.

“As consumer brands are increasingly focused on customer retention and prioritize tools offering a tangible return on investment, we believe CleverTap is well positioned to maintain its global growth trajectory and help more businesses enhance their customer experience,” said Martin Laguerre, executive vice-president and head of private equity at CDPQ.

The funding announcement comes days after CleverTap acquired Leanplum, a multi channel customer engagement platform.