SaaS startup WebEngage has raised $20 million in a Series B funding round led by Singularity Growth Opportunities Fund, SWC Global, India Quotient, Blume Ventures and IAN Fund.
Unmaj Corporation, NB Ventures, BharatPe co-founder Shashwat Nakrani and TVS Capital Chairman Gopal Srinivasan also participated in the funding round.
WebEngage will use the new funding to maintain its growth trajectory and expand operations in both domestic and international markets.
Founded in 2011 by Avlesh Singh and Ankit Utreja, WebEngage offers a range of marketing and automation solutions to its clients. Its products include push notifications, email marketing, WhatsApp marketing, Google Ads, Facebook remarketing and website personalization, among others.
WebEngage has a presence in India, MENA and SEA. It offers services to organizations operating in various sectors such as media and entertainment, gaming, BFSI, healthcare and online retail, among others.
Anand Lunia, Founding Partner at India Quotient, said, “This is our fourth investment in WebEngage and we will continue to support them as much as possible. WebEngage also demonstrates our belief that companies that win SaaS in India can go global and repeat their performance.”
The WebEngage team size has increased 2.5x since 2020. It competes with SaaS startups such as Toplyne, BarRaiser, and Everstage, among others.
WebEngage claims to work with over 600 clients including Adani Group, Unilever, L’Oréal, Bajaj Auto, Grasim Industries, GoAir, Akasa Airlines, Unacademy and Myntra and achieved annual revenue of $20 million in the 2020-2021 fiscal year.
The Indian SaaS market is likely to reach a size of $30 billion by 2025, capturing an 8-9% share of the international SaaS market.