WizRocket Technologies Pvt. Ltd, which operates mobile app analytics startup CleverTap, said on Tuesday it has raised $35 million (approximately Rs 250.28 crore at current exchange rates) in a Series C funding round led by existing investors Tiger Global Management and Sequoia Capital.
The company plans to use the funds for expansion to the US, Europe, the Middle East, Indonesia, Singapore, Vietnam and Malaysia apart from building its engineering hub in Los Angeles, and enhancing its predictive capabilities, the company said in a statement.
The round takes the total the company has raised in 2019 to $61 million, the statement added. CleverTap had raised $26 million in a Series B round in April from Sequoia, Tiger Global and venture capital firm Accel.
CleverTap also said that its valuation in the Series C round has jumped to $381 million (around Rs 2,753.58 crore) from $150 million in the Series B round.
CleverTap, which was founded by Sunil Thomas, Anand Jain and Suresh Kondamudi in 2013, is a behavioural and user engagement analytics platform. It allows businesses to find people, events and behaviour on their websites and apps, and then uses behavioural trends to help improve customer retention and engagement.
The SaaS factor
Startups across sectors operating as software-as-a-service-based firms have continued to receive heavy investor attention, especially with the rapid progress of emerging and frontier technologies such as artificial intelligence, natural language processing and branches of machine learning.
Last month, image processing startup TerraView raised Rs 5.8 crore (about $824,000) in a Series A funding round from a clutch of investors, including Flipkart co-founder Binny Bansal and CEO Kalyan Krishnamurthy.
In the same month, multinational payments technology company Mastercard Inc. invested in digital identity solutions-focussed startup Syntizen. In August, Zenoti, a software provider to salons and spas, raised $20 million from alternative asset management firm Steadview Capital.