CleverTap to Raise $105 Million from CDPQ and Others

B2B SaaS platform CleverTap on Wednesday said it has signed agreements to raise $105 million, about Rs 834 core, in the fourth stage of its funding round led by global investment group CDPQ. CDPQ has committed an investment of $75 million in the series D funding round.

IIFL AMC’s Tech Fund, along with existing investors Tiger Global and Sequoia India, has also participated in the funding round, the Software-as-a-Service (SaaS) firm said in a statement. “The funds will be used to support CleverTap’s global expansion and enhance the development of its world-class solutions and technology,” the statement said. CleverTap was founded in Mumbai in 2013 but it is headquartered in Mountain View, California.

CleverTap claims to have a customer base of 1,200 brands in 100 countries. Its client base represents 10,000 apps across industries, including fintech, e-commerce, subscription, on-demand and streaming media. “The addition of long-term investors CDPQ and IIFL AMC Tech Fund to CleverTap’s existing backers Sequoia India, Accel, Tiger Global, and Recruit Holdings is a great endorsement of the successful business we have built. “The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams,” CleverTap co-founder and executive chairman Sunil Thomas said in the statement.

As part of the transaction, CDPQ will join CleverTap’s board of directors upon closure of this funding round. IIFL AMC’s investment is subject to approval from Securities and Exchange Board of India (Sebi), the statement said.