B2B retention platform CleverTap has raised $105 million in Series D funding.
The round was led by CDPQ, a global investment group that has committed $75 million, with participation from IIFL AMC's Tech Fund and existing investors Tiger Global and Sequoia India.
"The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams,” says Sunil Thomas, co-founder and executive chairman, CleverTap.
CDPQ will take a seat on CleverTap's board of directors upon closure of the round.
In June, Clevertap acquired Leanplum, a multichannel engagement platform. It also unveiled TesseractDB, a database designed to improve user engagement and retention for digital consumer brands.
The company’s subscription-based platform offers “a single and reliable source of information that allows brands to maximize the lifetime value of their existing customers by engaging them in a highly personalized way" says Martin Laguerre, executive vice-president and head of private equity, CDPQ.
Clevertap expected to have 600 employees worldwide at the close of the Leanplum purchase. It says it serves 1,200 brands in 100 countries, representing 10,000 apps.
The firm was founded in Mumbai in 2013 and is headquartered in Mountain View, California.