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CleverTap, an India-based start-up that allows companies to track and improve collaboration with web users, has secured $ 26 million in new funding through a Sequoia India-led tour.
Existing Investor Accel and the new sponsor Tiger Global also took part in the transaction, which values CleverTap at 150-160 million dollars, announced the startup. The agreement currently brings CleverTap to approximately $ 40 million of investors.
Founded in 2015 and headquartered in Mumbai, CleverTap competes with a range of customer experience services, including Oracle Cloud. Its service covers a range of touch points with consumers, including email, in-app activity, push notifications, Facebook, and more. WhatsApp (for companies) and Viber. Its service helps companies determine how their users engage with these vectors and develop "re-engagement" programs to help reactive dormant users or to increase engagement among others.
The company claims that its SDK is installed in more than 8,000 applications and that its customers include Go-Jek and Zilingo, a Southeast Asian-based duo, Hotstar in India, and a struggling US start-up, Fandango. . With a significant customer base in Asia, CleverTap places a special focus on mobile as many of these markets are all focused on personal devices.
"Asia is above all mobile and growing mbadively," said TechCrunch, CEO and co-founder of CleverTap, SunPhunch. "A lot of commitment in this [part of the] The world is timely … we are kind of physically born in the east of the world. We were able to adapt to all these various devices. "
CleverTap will benefit as it seeks to increase its market share outside of Asia and in markets such as the US and Europe where mobile phones are currently not part of the manufacturing process. marketing and customer engagement. The company believes that mobile engagement has a long way to go to develop it.
"Commitment [in the West] is always heavy in emails and not really developed, "Thomas said. "Whereas the East sees it as" Hey, let's be proactive … instead of a user looking for information, can I provide it when I think he needs it? " ""
Of course, mobile push and in-app notifications can be easily used.
Most people know that an app on their phone – or maybe once on their phone – is in this category. So, how can a company know what is too much or not enough?
"As long as you use Push or In-App as an extension of your brand, I think this is extremely useful," explained Thomas. "After all, the world is really competitive. it's not just your application, but if you can make your brand count when that person does not belong to your app, it will help you. "
More generally, Thomas argued that CleverTap brings data to the table that ultimately "changes the context in its entirety in real time". Thus, a customer can really look at their online presence globally and determine what works and with which users. In real terms, when used to acquire new users online, he estimates that CleverTap typically doubles registration conversions and triples the purchase rate.
"We really have an effect on the cost of acquiring the first purchase," Thomas said. "This is the moment you arrive with a new person in your house."
CleverTap has an office in Sunnyvale and has just arrived in Singapore. He is now planning to add a site in Indonesia before the end of the year. These extensions are focused on business development, with customer support, since the technical and other teams are in India. According to Thomas, the company is already looking to expand in Europe while weighing the potential for entry into Latin America, which could include a local partnership.
The CEO of CleverTap also plans to collect more money towards the end of the year, while he thinks the company can boost its valuation to $ 400 million.
"It's very feasible on the basis of revenue growth," he said. "We think the revenues will require this valuation."
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