CleverTap secures $105m to fund global expansion

CleverTap Co-founder and Executive Chairman, Sunil Thomas

CleverTap, a global B2B SaaS platform for customer engagement and retention, has signed definitive agreements to raise $105m in a Series D funding round led by CDPQ, a global investment group who committed US$75m, with participation from IIFL AMC’s Tech Fund, along with existing investors, Tiger Global and Sequoia India. The funds will be used to support CleverTap’s global expansion and enhance the development of its solutions and technology.

Founded in Mumbai in 2013 and headquartered in Mountain View, California, CleverTap’s customer engagement and retention SaaS platform leverages machine learning and artificial intelligence to offer a user engagement suite that enables brands to build valuable, long-term relationships with their customers. CleverTap’s 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, eCommerce, Subscription, On Demand, and Streaming Media. 

In June 2022, CleverTap completed the acquisition of Leanplum. In the same month, it also unveiled TesseractDB, a 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,” said CleverTap Co-founder and Executive Chairman, Sunil Thomas. “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. The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams.”