CleverTap raises $35 million Series C funding for mobile marketing

Mobile marketing platform CleverTap this morning announced completion of a $35 million Series C funding round.

This brings their total valuation to $385 million, up from $150 million at the beginning of 2019. Funding was led by previously existing investors, Tiger Global Management and Sequoia India.

https://www.youtube.com/watch?v=Krn9HktYoj0

CleverTap distinguishes its product by focusing on user retention and customer lifetime value, and they say they’ve helped generate more than $2 billion in incremental revenue for their customers.

Customers include Sony, Domino’s, 7-Eleven, and ESPN. Many of their customers sit within fintech, travel, ecommerce, media/entertainment, and food tech.

Since 2015, CleverTap says, they’ve been growing at a rate of 250% YoY. And this year alone, they’ve doubled their customer base.

With this new funding, the company plans to build out its US-based engineering hub, add predictive capabilities, and work on their global go-to-market expansion.

Commenting on the funding, Managing Director of Sequoia Capital India LLP, Mohit Bhatnagar, said:

“There is a clear lack of viable solutions in the market today that drive the needed business outcomes for mobile conversion, retention, and growth. 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.”

They have offices in San Francisco, Seattle, London, Singapore, and Mumbai.