B2B platform CleverTap to raise $105 million from CDPQ and others
B2B SaaS platform CleverTap announced on Wednesday that it has signed deals to raise $105 million, or around 834 base rupees, in the fourth stage of its funding round led by global investment group CDPQ.
La Caisse has committed to investing US$75 million in the Series D financing round.
IIFL AMC’s Tech Fund, along with existing investors Tiger Global and Sequoia India, also participated in the funding round, the Software-as-a-Service (SaaS) company 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 technologies,” the statement said.
CleverTap was founded in Mumbai in 2013, but is headquartered in Mountain View, California.
CleverTap claims to have a customer base of 1,200 brands in 100 countries. Its customer base represents 10,000 applications across all industries, including fintech, e-commerce, subscription, on-demand media and streaming.
“The addition of long-term investors CDPQ and IIFL AMC Tech Fund to existing backers of CleverTap, Sequoia India, Accel, Tiger Global and Recruit Holdings, is a great endorsement of the successful business we have built.
“The new 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 the closing of this round of financing. IIFL AMC’s investment is subject to the approval of the Securities and Exchange Board of India (Sebi), the statement said.
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