[Funding Alert] B2B SaaS Startup CleverTap raises $105 Mn Series D led by Canada’s CDPQ


B2B SaaS platform CleverTap has secured $105 million in its Series D funding round led by Canadian investment group CDPQ. Tech Fund IIFL AMC and existing investors – Tiger Global and Sequoia India, also participated in the funding round. 

Including current fundraising, CleverTap has raised a total of $181.1 million to date. The latest development comes after CleverTap bought San Francisco-based customer engagement platform Leanplum this May. 

According to the startup, CleverTap has entered into definitive agreements to secure investments from the aforementioned investors. While CDPQ put in $75 million in the funding round, IIFL AMC’s Tech Fund, Tiger Global and Sequoia India invested the remaining $30 million in the round.

CleverTap will use the new funding to expand its global reach and enhance its technology offerings. As part of the deal, CDPQ will join CleverTap’s board of directors after the round closes. Meanwhile, IIFL AMC’s investment is subject to approval from the regulatory body SEBI.

Founded in 2013 by Anand Jain, Sunil Thomas and Suresh Kondamudi, CleverTap is an AI-based business-to-business platform that helps companies analyze user behaviour and send customized notifications to users accordingly. Essentially, it helps organizations improve customer engagement. 

Sunil Thomas, Co-Founder and Executive Chairman of CleverTap, said, “The new funding will help deliver on our plans to further strengthen our presence in key geographies and expand our teams. The past few months have been quite exciting for us in terms of the acquisition of Leanplum and the unveiling of TesseractDB.”

Martin Laguerre, Executive Vice President and Head of Private Equity at CDPQ, said, “As consumer brands increasingly focus on customer retention and prioritize tools that offer tangible ROI, we believe CleverTap is well-positioned to maintain its global growth trajectory and help more businesses improve their customer experience.” 

CleverTap claims to have served more than 12,000 customers in 100 countries. Its customers include Gojek, ShopX, Canon, Electronic Arts, TED, English Premier League, TD Bank, Carousell, and AirAsia, among others. In the Indian SaaS segment, it faces competition from the likes of WebEngage, Xeno and MoEngage.

According to the report, the Indian SaaS sector is estimated to generate between $50 billion and $70 billion in revenue by 2030. It further states that Indian businesses will account for 4-6% of the global market by 2030.

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