WebEngage, a user engagement software-as-a-service (SaaS) startup run by Webklipper Technologies Pvt. Ltd, has raised an undisclosed amount of funding from venture capital firm Social Capital.
Silicon Valley-based Social Capital is led by former Facebook executive Chamath Palihapitiya.
Mumbai-based WebEngage said in a statement that it is the first company to raise money through Social Capital’s Capital-as-a-Service (Caas) vehicle.
CaaS enables Social Capital to make early-stage investment decisions through algorithms relying on a company’s data and metrics.
WebEngage said the money will be used to enhance its product pipeline for this year.
WebEngage was founded by Avlesh Singh and Ankit Utreja in 2011. It provides a marketing automation software that helps business-to-customers (B2C) companies drive more revenues from their existing customers and anonymous users.
WebEngage’s solutions allow online businesses to run promotions and offers on their websites and gather customer insights.
“The company will focus on suggesting user journeys to marketers and product managers based on data and machine learning, helping customers measure and optimise based on global/local benchmarks, helping customers to holistically test campaigns across channels before launching, growing the platform to integrate nicely with other ecosystem players,” Avlesh Singh said in a blog post.
WebEngage had previously raised two rounds of funding, from Indian Angel Network and New York-based GTI Capital respectively.
In 2016, Bengaluru based-based Capillary Technologies Pvt Ltd had picked up a minority stake in WebEngage.
Last month, Social Capital had led a Series A round of funding in Bengaluru-based fintech startup NiYO Solutions.
It had also increased its stake in Bengaluru-based mobile payments firm Ezetap Mobile Solutions Pvt. Ltd last August after the latter raised $16 million (Rs 102 crore) in a funding round led by JS Capital Management, the VC arm of Jonathan Soros, Social Capital and Hong Kong-based Horizons Venture.
In an interview with VCCircle in 2015, Sri Lankan-born Palihapitiya had said that he wanted to invest in uniquely Indian companies and planned to put in $100-200 million every year in the country.
He also said that he was open to investing as much as $1 billion in Indian startups by 2025.