CleverTap

CleverTap is a California-based SaaS company that offers customer lifecycle management and mobile marketing services. The company was established in May 2013, and is headquartered in Mountain View, California.[1]

CleverTap's platform is built on a database designed to optimize both speed and scalability, enhancing user engagement for its clients.[2]

History

CleverTap was founded by Sunil Thomas, Suresh Kondamudi, and Anand Jain who were colleagues at Network 18. Together, they started CleverTap in May 2013.[3] CleverTap publicly launched the product in September 2015. At the same time, the company changed its trading name from WizRocket to CleverTap.[3] CleverTap hired Sidharth Malik as its global CEO in December 2021.[4]

In May 2022, CleverTap announced the acquisition of Bulgarian-originated but San Francisco-based mobile marketing vendor Leanplum. While the price of the acquisition has not been disclosed, the company stated the funds were cash and stock transactions that were funded by internal accruals and CleverTap stock. The acquisition is set to aid with CleverTap's global reach, providing development centres and customer-facing teams across North America, Europe, Latin America, India, Southeast Asia, and the Middle East, with a total customer base of 1,300 customers.[5]

Funding

The company secured seed funding of USD 1.9 million from Accel in July 2014.[6] It secured additional Series A funding of US$8 million from Accel and Sequoia Capital in August 2015.[6] In October 2017, the company secured an additional US$6 million[7] from existing and new investors at RSP India Fund, an investment subsidiary of Recruit Holdings.[8][9] In April 2019, CleverTap raised US$26 million in Series B investment from Sequoia Capital, Tiger Global Management, and Accel.[10] In October 2019, CleverTap announced its Series C investment of US$35 million led by Sequoia Capital and Tiger Global Management, bringing the total investment to just over US$77 million.[11] CleverTap announced it raised $105 million in a Series D funding round. The round was led by global investment firm CDPQ, which committed $75 million, and saw participation from IIFL AMC's Tech Fund, as well as existing investors Tiger Global and Sequoia India.[12]

Awards and recognition

In 2017, TiE Silicon Valley included CleverTap in its list of TiE50, World's 50 Most Promising Technology Startups.[13] Sunil Thomas, CEO of the company, was named as one of the 25 Marketing Technology Trailblazers in 2017 by Advertising Age.[14] In 2021, CleverTap was recognized as one of Forbes’ Best Startup Employers in America for the second consecutive year.[15] In 2022, CleverTap was awarded the Breakout SaaS Startup of the Year[16] by SaaSBOOMi, a community of SaaS founders and product builders shaping India's SaaS industry. That same year, it was also included in the G2 list of best software sellers.[17] In 2022, CleverTap was selected as one of India’s Great Mid-size Workplaces by Great Place To Work.[18] Also in 2022, for the 12th time in a row, CleverTap was named a Leader in the Mobile Marketing category in the summer reports by G2.[19] In the G2 Fall 2022 report, CleverTap was named a global Leader in the Mobile Marketing category as well as a Momentum Leader, Leader for Asia and India regions, and Leaders in the Mid-Market and Small Business segments.[20]

In October 2022, the website Tracxn identified the company as a 'Soonicorn' — a startup on the verge of achieving 'Unicorn' status.[21]

See also

References
  1. Sahay, Priyanka. "CleverTap to raise $20 million from existing, new investors". Money Control. e-Eighteen.com Ltd. Retrieved 12 December 2017.
  2. "Retention Cloud Leader CleverTap Unveils TesseractDB™". CleverTap. Retrieved 2023-01-09.
  3. Abudheen K, Sainul. "Success is a moving target: CleverTap Co-founder Anand Jain". E27. Entrepreneurs 27. Retrieved 12 December 2017.
  4. "Building a world-class company". CleverTap. Retrieved 2022-05-14.
  5. "Leanplum acquired by CleverTap as retention marketing platforms consolidate". Tech Crunch. 20 May 2022. Retrieved 20 May 2022.
  6. Pai, Vivek (4 August 2015). "WizRocket secures $8M from Sequoia and Accel Partners". MediaNama. Mixed Bag Media Pvt. Ltd. Retrieved 12 December 2017.
  7. "SEC FORM D 2017". Securities and Exchange Commission.
  8. "Japan – Recruit Holdings Q2 Revenue Up 11%, Growth Boosted By Staffing And HR Technology Segments". Staffing Industry Analysts. Crain Communications Inc. Retrieved 12 December 2017.
  9. "Recruit : Invests in WizRocket, Inc., Developer of Mobile Marketing Platform "CleverTap"". 4-traders.com. Surperformance. Retrieved 12 December 2017.
  10. "CleverTap Receives Series B Investment of $26M to Accelerate AI/ML-driven Marketing Innovations". CleverTap. Retrieved 2019-04-14.
  11. "Series C Funded, On to Our Global Go-To-Market Strategy". CleverTap. Retrieved 2019-12-07.
  12. "CleverTap raises $105 million in Series D funding". Times of India. 10 August 2022.
  13. "2017 TiE50 Winenrs". TiE50 Awards Program. TiE Silicon Valley. Retrieved 12 December 2017.
  14. "Introducing Ad Age's 25 Marketing Technology Trailblazers 2017". AdAge India. Advertising Age. Retrieved 12 December 2017.
  15. "CleverTap Named One of Forbes' Best Startup Employers 2021 | CleverTap". Retrieved 2021-04-10.
  16. "Retention Cloud Leader CleverTap Recognized as the "Breakout SaaS Startup of the Year" at SaaSBOOMi Awards 2021 | CleverTap". Retrieved 2022-05-14.
  17. "CleverTap Named a Leader in G2's Spring 2022 Report for Mobile Marketing and Multiple Other Categories". CleverTap. Retrieved 2022-05-14.
  18. "CleverTap Recognized by Great Place to Work Among India's Great Mid-size Workplaces". CleverTap. Retrieved 2022-06-27.
  19. "CleverTap Recognized as a Leader in G2's Summer 2022 Report for Mobile Marketing". CleverTap. Retrieved 2022-08-22.
  20. "G2 Fall 2022 Reports: CleverTap Recognized as Leader in Mobile Marketing and Personalization". CleverTap. Retrieved 2022-10-07.
  21. "Emerging Startups 2022: Top Marketing Tech Startups". Tracxn. Retrieved 2022-10-07.
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