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CleverTap Receives Series B Investment of $26M to Accelerate AI/ML-driven Marketing Innovations

CleverTap Receives Series B Investment of $26M to Accelerate AI/ML-driven Marketing Innovations

It’s a big day for us at CleverTap. We’re delighted to announce that we’ve raised $26 million in Series B funding that values us north of $150 million.
We’re excited to welcome Tiger Global to the investment team. Peak XV Partners, who is leading this investment round, and Accel have been our partners from the founding years and we’re excited to have their continued support in our mission to help consumer brands retain users for life.
CleverTap helps brands improve customer lifetime value and profitability by delivering consistent customer experiences across all touchpoints. By leveraging all their data in real time, and at scale, we help them deliver a better customer experience.

Our Journey So Far

We have a lot to celebrate. In 2018, we added Fandango LATAM, Discovery Kids, Cars24, Lenskart, Ooredoo, Truecaller, Vidio, and many other brands to the incredible list of businesses leveraging our platform to optimize customer lifecycle management.
The last 12 months have been quite busy as we expanded our presence in North America, Singapore, Europe, and India.
We also launched several industry-first features such as machine-learning driven predictions on business outcomes, automated segmentation using recency, frequency and monetary analysis (RFM), intent based segmentation, and Customer Lifecycle Management among others. Currently, we process over 30 billion events and send out more than 8 billion notifications daily.
In December 2018, CleverTap received recognition from EContent Magazine as one of the 100 Companies that Matter in Digital.

2019 and Beyond

The CleverTap platform is designed keeping in mind the future growth demands of rapidly growing companies. The investment will be used primarily to fuel product innovation.
To do this, we are focused on the following key themes:

  1. Users expect information proactively
  2. Users expect flawless personalization
  3. Users expect consistent omnichannel brand experiences

We’ve helped thousands of global consumer apps build delightful experiences in this age of instant gratification.

Product Innovation Backed by Data Science

We are enabling innovation using AI/ML-based automation and personalization capabilities. Through these, we hope to go beyond momentary interactions to stronger, longer lasting relationships with customers built on a deep understanding of them.

  1. Users Expect Information Proactively
    We recently introduced Engagement with Product Recommendations to give you a data science driven way to reach users with in-context recommendations. It allows you to dynamically embed product recommendations in campaign messages in anticipation of what your users actually need.
    You can send relevant suggestions in real time so that users can discover items as per their lifecycle stage and consumption preferences. This lets you optimize product discovery, increase upsell opportunities with higher order values, and increase engagement.
  2. Users Expect Flawless Personalization
    Personalization requires you to identify where your user is in their purchase journey. This can be accomplished if you make user lifecycle stages truly actionable. Our automated customer lifecycle management (CLM) capabilities will allow you to build orchestration strategies based on where users are in the customer lifecycle so you never lose context.
    To measure the long and short term impact of marketing interventions, we introduced the Real Impact dashboard. It lets you find consolidated insights that tie every campaign to your KPIs across the user lifecycle. With this feature, we hope to provide clarity to growth teams on how their efforts lead to an improvement in business metrics.
    Next, we will help reduce campaign inefficiencies with affinity-based segments and lifetime value driven discoveries so you can own your entire user relationship from campaign to purchase.
  3. Users Expect Consistent Omnichannel Brand Experiences
    Our omnichannel orchestration capability is one of the most comprehensive in the industry, with 10+ channels including mobile push, web popups, email, and remarketing (on Google/Facebook).
    We recently entered a strategic partnership with Nexmo to further diversify user touchpoints with channels like WhatsApp Business, Facebook Messenger, Viber, SMS, MMS, and voice.

The Road Ahead

We are very proud of what we have achieved so far. The ability to build delightful customer experiences that help brands develop long-term customer relationships has been our goal.
To continue building value for our customers, not only will we invest in our product technology, but we will also go above and beyond, by:

  1. Supporting our customers to ensure their success: We will expand our local customer success teams so they can work closely with customers to achieve success right from onboarding.
  2. Enhancing security and user privacy: We are committed to helping our customers work toward better data privacy and governance in their organization. With GDPR, we made provisions to conform to the EU guidelines.
  3. Democratize our marketing technology and drive thought leadership: We have thousands of customers who have revolutionized customer engagement at scale. We want to build on this momentum by sharing their success stories and best practices with the industry at large.
  4. Hiring top global talent: We will continue to grow our teams across all specialties and all geographies to be able to make our customers succeed. (We’re hiring!) We’re proud to have an insanely talented, passionate, and committed team spread out across San Francisco, Singapore, London, and Mumbai. And we’re always looking for talented people who would love to join us on this incredible journey.

As always, we are available to chat and help brands make their customer lifecycle marketing more effective. Feel free to reach out if you have any questions.

Posted on April 10, 2019