Mumbai and San Francisco-based digital analytics startup CleverTap has raised USD 26 million led by Sequoia India. The investment round also saw participation from existing investor Accel Partners and a new backer Tiger Global.
With the fresh round of funding, CleverTap’s valuation soared to around USD 150-160 million, the company said in a statement. It has raised a total of USD 40 million till now.
The current funding will be utilised to make its product better capable of handling operations as well as enable it to accommodate new demand from its clients.
Founded in 2013 by Anand Jain, Sunil Thomas and Suresh Kondamudi, CleverTap helps technology companies reach users via different digital means such as emails, push-notifications, targeted advertisement, in-app activity, etc. It lets its clients know how their users are interacting on social media and comes up with plans to help dormant users up their engagement level. Its live dashboard, equipped for mobile app developers tracks metrics such as new installs or uninstalls, the amount of time a user spends on the app, the user pattern or behaviour, etc.
“We largely work with consumer internet businesses by helping them segregate users on different categories. We use behavioural analytics to segment users based on their behaviour within the app," Jain, the co-founder of CleverTap, told Mint.
Jain said CleverTap processes around 26 million push notifications a minute, which translates into around eight billion notifications daily across its customer base. It claims its SDK is installed in more than 8,000 apps. Its customers include Go-Jek, Zillingo, Hotstar, Vodafone, Star, Sony, Domino’s, US-based Fandango, among many others.
“Powered by the next generation of data science-enabled capabilities, it is allowing companies to automate their marketing decisions, leading to better business outcomes. We are excited to bring our expertise to CleverTap to support them in this mission," said Prashanth Prakash, partner, Accel Partners.
According to CleverTap its revenue is growing at the rate of 250% year-on-year since 2015.