Clevertap to raise $20 million from existing, new investors
The company currently works with over 4000 clients such as HotStar, Sony, McDonalds and Cleartrip among others
Sequoia-backed mobile app analytics firm Clevertap plans to raise USD 20 million from new and existing investors at a time when it looks at extending its offering to merchants in sectors such as banking and airline.
The company will utilise the fund in improving the product, marketing and sales.
"We are just kicking off our effort for Series B (which would be) about USD 20 million. It should take anywhere from three to six months for the round to close. They (existing investors) are fully backing us and will also participate in our next round of funding," Anand Jain, co-founder of CleverTap told Moneycontrol.com in an interaction.
The company currently works with over 4000 clients such as HotStar, Sony, McDonalds and Cleartrip among others.
Clevertap offers insights on how users use their product and how to make them keep coming back. It uses these insights to help companies run targeted campaigns across the user lifecycle.
Clevertap charges its clients on the basis of data shared. "It would depend on the number of user action a client would want to store with us," said Jain.
He claims that the company helps a client reduce the uninstall rate and increase their revenue -- 20 percent plus for mid to larger companies and more in smaller companies.
"There is phenomenal growth on mobile. But the problem is that the companies are not able to retain the users. People may download the app but then just forget that or delete the app .... ignore the app... We help reduce uninstall rates and increase the revenue of a company," he said.
A lot of the company's clients are in the travel and events segment. It plans to tap major sectors such as banks and airlines soon. The company which currently has a few foreign clients is also targeting bigger foreign companies across Indonesia, Singapore and Malaysia.
CleverTap was by Jain, Sunil Thomas and Suresh Kondamudi in 2013. It has so far raised USD 9.6 million from investors such as Accel Partners besides Sequioa. It last raised USD 8 million in 2015.
In February, Clevertap (formerly known as WizRocket) also appointed Almitra Karnik as its head of marketing.
The company locks horns with user engagement and analytics platform MoEngage that in December raised an undisclosed amount of investment from former Snapdeal executive Anand Chandrasekaran.firstname.lastname@example.org