CleverTap raises US$105 million in Series D funding

B2B customer engagement platform CleverTap has raised US$105 million in a Series D funding round led by global investment group CDPQ, with participation from IIFL AMC’s Tech Fund (subject to approval from the Securities and Exchange Board of India) and existing investors Tiger Global and Sequoia India. The funds will be used to advance the company's international expansion plans and product development.

The successful round comes just after CleverTap completed the acquisition of competitor Leanplum in June for an undisclosed amount and appointed Leanplum co-founder Momchil Kyurkchiev as Chief Strategy Officer, in addition to acquiring Leanplum's investors as shareholders.

CleverTap was founded in 2013 by chairman Sunil Thomas, CPO Anand Jain, and CTO Suresh Kondamundi. The company is headquartered in the US and serves organisations in approximately 100 countries.

“The fresh funds will help fuel our plans to further strengthen our presence in key geographies and expand our teams," said Sunil Thomas, Co-founder and Executive Chairman, CleverTap. "With the new institutional investors coming on board we have all that we need to grow at a faster rate.”

Prior to the current round, CleverTap's most recent funding was a US$35 million Series C round in October 2019.