CleverTap Gets $26 million In Funding Round Led By Sequoia Capital India And Accel Partners

Analytics Software-as-a-Service company CleverTap has recently raised $26 million in a funding round. The round was led by Sequoia Capital India, Tiger Global Management and Accel Partners. The newest round has pegged the valuation of the company at close to $150 million, allowing it to scale past its current capabilities. The company currently offers a mobile marketing platform to app developers, with marketing automation across a wide variety of interactive mediums. It is currently headquartered in Sunnyvale, California, and claims to have worked with multiple unicorns such as Star,Sony, Domino's, Go-Jek, BookMyShow and Vodafone. These are just few of the 8000 companies that CleverTap has worked with. They function in a B2B market, which offers room for high growth and scalability. Moreover, Clevertap also fulfills a specific niche in the quickly growing mobile market in India. The automation of push notifications and the ability to observe and track how the users utilize the app provides a strong service for companies to use analytics in addressing pain points in their mobile applications. This is also seen by the claimed year-on-year revenue growth of 250%. However, the company already has a sizeable base of operations. The app reportedly processes around 26 million push notifications in a minute. They also provide a real-time dashboard for app developers, which tracks data such as the number of installs and uninstalls, and user data such as the amount of time spent on the application. This represents a general positive trend in capital companies investing in SaaS and analytics companies. On this subject said Prashanth Prakash, partner, Accel Partners, stated, "[CleverTap] 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,"