CleverTap, the US-headquartered data analytics software developer backed by human resources firm Recruit Holdings, has landed $26m in a series B round that valued the company at $150m, VentureBeat has reported.
The round was led by Sequoia India, a regional branch venture capital firm Sequoia Capital, and included fellow VC firm Accel and hedge fund manager Tiger Global Management.
Founded in 2013, CleverTap has created a software platform that enables businesses to profile web and mobile app users through machine learning technology.
The cloud-based platform tracks behavioural trends and demographic data which can be used by businesses to create targeted marketing campaigns aimed at increasing customer engagement and retention.
Sunil Thomas, chief executive and co-founder of CleverTap, told VentureBeat the capital will be used to expand its product capabilities and meet customer demand, adding: “At the core, we believe that every business will benefit from the investments we continue to make in our platform.
“In 2019, we will continue to focus on creating cutting edge solutions, building our team and expanding our presence while keeping customers at the heart of everything we do.”
WizRocket, CleverTap’s holding company, reportedly raised approximately $6m from RSP India Fund, the private equity fund of Recruit Holdings, as well as Sequoia and Accel in January 2018, as part of a round with an $8m targeted close.
WizRocket founder Anand Jain told MoneyControl in mid-2017 that the company was looking to raise $20m in series B funding having already received $8m from Sequoia and Accel in 2015. Accel had previously provided $1.6m for a seed round that closed in 2014.