CleverTap raises $35 mn led by Sequoia, now valued at $385 mn; to focus on global expansion

Mumbai: Mobile marketing platform CleverTap on Tuesday announced a fundraise of $35 million led by existing investors Tiger Global Management and Sequoia India, which will be deployed to have an engineering hub in US. The company said it is now valued at $385 million, which is more than double from $150 million at the beginning of the year. In a statement, CleverTap said it has been growing at the rate of 250 percent every year since 2015. “This latest round of funding will enable CleverTap to help more companies achieve their retention goals as they build long-lasting relationships with their customers,” its co-founder and chief executive Sunil Thomas said. [caption id=“attachment_6004721” align=“alignleft” width=“380”]  Representational image. Reuters.[/caption] The statement claimed its customer lifecycle and user retention platform leverages machine learning to offer an engagement suite that enables brands to convert, engage, retain, and grow their mobile user base. The company claimed it has helped generate over $2 billion in incremental revenue to its customers, and currently reaches more than one billion devices and over 8,000 consumer apps in more than 100 countries. “CleverTap is solving a significant pain point for marketers by offering a user retention platform that can exponentially increase customer lifetime value and long-term growth,” Sequoia’s managing director Mohit Bhatnagar said. The company will be focusing on global expansion and product development and the funds will be used to fuel team growth across engineering, sales, and marketing across the US, Latin America, Europe, and Asia, it said.