CleverTap, a customer engagement and retention SaaS platform backed by Tiger Global, is considering relocating its headquarters from San Francisco to India and is talking to advisers about the potential move, sources have told Moneycontrol.
The decision follows a successful funding round in 2022, during which CleverTap raised $105 million in a Series D round led by global investment group CDPQ, along with participation from IIFL’s Asset Management Company (AMC) Tech Fund and existing investors Tiger Global and Sequoia India. The firm’s valuation has now exceeded $600 million.
“CleverTap is currently evaluating the potential relocation of its headquarters to India. We are working closely with our advisers to outline the necessary steps and requirements for this transition. Our San Francisco office will remain fully operational, reinforcing our continued commitment to the US market,” CleverTap cofounder Anand Jain said in response to Moneycontrol’s queries.
“Relocating our headquarters aligns with our goal to pursue an IPO in India, subject to market conditions.”
Founded in Mumbai in 2013 by Jain, Sunil Thomas and Suresh Kondamudi, CleverTap is headquartered in Mountain View, California.
It is a customer engagement and retention Software-as-a-Service (SaaS) platform that leverages machine learning and artificial intelligence to offer a comprehensive user engagement suite that enables brands to build valuable, long-term relationships with their customers.
Several startups are now in the process of flipping back to India.
Flipping back brings various advantages to startups, including tax benefits. It also coincides with a series of policy changes aimed at easing the transition.
Startups also reverse-flip to go for an IPO in India.
Recently, the corporate affairs ministry exempted overseas startups looking to merge with their wholly-owned Indian subsidiaries from seeking clearance from the National Company Law Tribunal (NCLT).
The rules, effective from September 17, require the Reserve Bank of India’s approval for such mergers along with a nod from the government. These changes aim to address delays caused by the overburdened NCLT.
While companies like PhonePe, Groww and Pepperfry have completed the relocation, others such as Pine Labs are in the process as NCLT examines their applications.
Razorpay, Meesho, Kreditbee, Eruditus, Zepto, Flipkart and Khatabook, too, are considering similar moves.
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