CleverTap said that this new funding round increases the company’s valuation from $150 Mn to $385 million.
The company claims to be growing at 250% YoY since 2015 and said it would use the funds to build out its new US-based engineering hub, besides adding “enhanced predictive capabilities” with expansion into other markets with specific go-to-market strategies for each.
Global expansion and product development will be primary areas of emphasis, CleverTap said. The company will be hiring across engineering, sales, and marketing in its US, Latin America, Europe, and Asia operations, it added.
Sunil Thomas, co-founder and CEO at CleverTap said the company not only provides actionable insights but also delivers the right message to drive engagement with real-time visibility on usage data.
CleverTap works with apps to increase user retention and increase customer lifetime value in terms of revenue.
The company claims to have seen customer growth grow by over 2X in the past year with an average of over 8 bn user actions processed each day.
It also claimed to have helped generate over $2 billion in incremental revenue for apps and has a cumulative reach of more than a billion devices with over 8,000 consumer apps as customers in more than 100 countries.
Furthermore, according to data from Grand View Research, the mobile marketing market is expected to reach $223.41 Bn by 2025 growing at a CAGR of 22.8% in the said period.