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WebEngage raises $20 mn in round led by Singularity Ventures, others

By Anuj Suvarna

  • 02 Aug 2022
Credit: 123RF.com

WebEngage, a user engagement software-as-a-service (SaaS) startup run by Webklipper Technologies Pvt. Ltd, has raised $20 million (around Rs 160 crore), led by Singularity Growth Opportunities Fund and SWC Global.  

The round also saw participation from existing investors India Quotient, Blume Ventures and IAN Fund with family offices Unmaj Corporation, NB Ventures also participating. Individual investors like Shashwat Nakrani (BharatPe co-founder), and Gopal Srinivasan (chairman, TVS Capital) also participated in their personal capacity.  

The fresh funds will be used to accelerate growth. The company claims to be growing at 100% year-on-year and has scaled operations across India, Middle East and North Africa MENA and Southeast Asia regions.  

The company did not disclose the current valuation.  

In May, WebEngage announced it will be working with Adani Group to streamline the group’s consumer engagement efforts. The group companies include Adani Airports, Adani Gas, Adani Electricity, Adani Wilmar, Adani Realty and Adani Capital.  

The company said that in over 11 years of its existence, it has burned only $6 million in capital to reach a $20 million annual revenue run rate.  

The company is working with over 600 clients including new-economy and internet-first businesses. WebEngage counts companies like Unilever, L’Oréal, Bajaj Auto, Unacademy, Myntra, Pluralsight, Pepperfry, Junglee Games, HT Media, FirstCry, eXtra Stores, GoIbibo as its clients.  

The Mumbai-based startup was founded by Avlesh Singh and Ankit Utreja in 2011.  

It provides marketing automation software that helps business-to-customers (B2C) companies derive more revenues from existing customers and anonymous users.  

WebEngage’s solutions allow online businesses to run promotions and offers on their websites and gather customer insights.  

In 2018, WebEngage raised an undisclosed amount from former Facebook executive Chamath Palihapitiya-led Social Capital. It 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 took a minority stake in WebEngage.

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