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- CleverTap
CleverTap Revenue, Valuation, Funding & Investors
CleverTap is valued at $775M as of August 2022, a 17.2x multiple on its last reported $45M revenue.
Last CleverTap valuation
$775M
Series D · Aug 2022
Last CleverTap funding round
$105M
Series D · Aug 2022
CleverTap revenue
$45M
Series D · Aug 2022
Key investors in CleverTap
Peak XV Partners
Accel
Tiger Global
Recruit Holdings
La Caisse
360 ONE Asset
About CleverTap
CleverTap is a Mountain View-headquartered customer engagement platform launched in 2017. It unifies analytics, personalization, and orchestration across mobile, web, and email channels for over 1,500 brands worldwide. Features include real-time journey optimization, A/B testing, and predictive segmentation using machine learning. Notable users include PepsiCo, Vodafone, and Sony, with the platform processing billions of events daily.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$45M (Aug 2022)
Valuation
$775M (Aug 2022)
CleverTap Valuation
CleverTap is currently valued at $775M, based on its Series D in August 2022.
The $105M round was led by La Caisse, with participation from Recruit Holdings, 360 ONE Asset, Tiger Global and Peak XV Partners.
CleverTap's valuation has grown 5.2x from $150M at its Series B in April 2019 to $775M in August 2022, across 3 priced rounds.
CleverTap valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2022 | Series D | $775M | 17.2x |
| Oct 2019 | Series C | $385M | 8.6x |
| Apr 2019 | Series B | $150M | - |
CleverTap Revenue
CleverTap's latest recorded revenue is $45M, as of its Series D in August 2022. At a $775M valuation, that implies a 17.2x revenue multiple.
Revenue moved from $45M in October 2019 to $45M in August 2022, while the revenue multiple moved from 8.6x to 17.2x.
CleverTap revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Aug 2022 | $45M | $775M | 17.2x | Series D |
| Oct 2019 | $45M | $385M | 8.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
CleverTap Funding History
CleverTap has raised a total of $182M across 6 funding rounds.
CleverTap's first fundraising round was a $2M seed round in July 2014. The most recent completed round was a $105M Series D in August 2022.
CleverTap funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Series D | La Caisse (lead); Recruit Holdings; 360 ONE Asset; Tiger Global; Peak XV Partners | $105M | $775M | CleverTap is a Mountain View, California-headquartered SaaS platform for customer lifecycle management, mobile marketing, engagement, and retention, leveraging AI and machine learning to help brands personalize user experiences across 1,200 customers in 100 countries and 10,000 apps. The company raised $105 million in a Series D round on August 10, 2022, led by CDPQ (La Caisse) with $75 million committed, alongside participation from IIFL AMC’s Tech Fund and returning investors Tiger Global and Sequoia India (Peak XV Partners). This round valued CleverTap at $775 million post-money, nearly doubling the $385 million from its October 2019 Series C. According to CleverTap's internal blog from May 2022, the company had reached $45 million in annual recurring revenue (ARR) at that time. The funding is earmarked for global expansion, particularly strengthening presence in North America and Europe, product development, technology enhancements including TesseractDB, and team growth. Around the same period in June 2022, CleverTap acquired Leanplum, a multi-channel engagement platform, and Patch in November 2021 to bolster capabilities. CleverTap operates in the competitive customer engagement SaaS space against players like Braze and WebEngage, focusing on retention for industries such as fintech, eCommerce, and streaming. The round brought CDPQ onto the board, supporting ambitions to lead in retention marketing amid Indian SaaS growth, with projections for the sector to hit $50 billion ARR by 2030 per Bessemer Venture Partners. |
| Oct 2019 | Series C | Peak XV Partners (lead); Tiger Global (lead) | $35M | $385M | CleverTap is an AI-powered customer lifecycle and user retention platform that helps brands engage, retain, and grow their mobile user base through machine learning-driven features like predictive analytics, automated segmentation, and real-time notifications across channels including push, email, SMS, WhatsApp, and in-app messaging. Founded in 2013 by Anand Jain, Sunil Thomas, and Suresh Kondamudi, the company operates from Mountain View, CA, and Mumbai, serving over 8,000 brands worldwide such as Vodafone, Sony, Domino’s, GO-JEK, and BookMyShow, processing over eight billion user actions daily and reaching more than one billion devices in 100+ countries. On October 15, 2019, CleverTap completed a $35 million Series C funding round led by existing investors Tiger Global Management and Sequoia Capital India (now Peak XV Partners), increasing total outside investment to $61 million since early 2019. This round more than doubled the company's valuation from $150 million (post-Series B in April 2019) to $385 million, supporting global expansion including a new US engineering hub, enhanced predictive capabilities, and go-to-market growth in the US, Latin America, Europe, and Asia. The company reported 250% year-over-year growth since 2015, with customer growth surging over 2X in the prior year, and claimed to have driven over $2 billion in incremental revenue for customers. Funds were earmarked for team expansion in engineering, sales, and marketing to solidify its position in mobile marketing technology amid rapid industry transformation. CleverTap competes in the customer engagement space against players like Oracle Cloud, focusing on re-engagement programs to boost user lifetime value and reduce acquisition costs. Prior rounds included a Series B of $26 million in April 2019 at north of $150 million valuation, also involving Peak XV Partners, Tiger Global, and Accel, bringing total funding to over $70 million by late 2019. |
| Apr 2019 | Series B | Peak XV Partners (lead); Tiger Global; Accel | $26M | $150M | CleverTap, a Mumbai-based mobile marketing and customer engagement platform founded in 2015, raised $26 million in its Series B funding round in April 2019, led by Peak XV Partners (formerly Sequoia India) with participation from Accel and new investor Tiger Global. The round valued the company north of $150 million according to its official announcement, while TechCrunch reported a valuation of $150-160 million post-money. This brought total funding to around $40 million at the time. The platform enables brands to track and improve user engagement across channels like email, push notifications, in-app activity, Facebook, WhatsApp, and Viber, processing over 30 billion events and sending 8 billion notifications daily by 2019. In 2018, CleverTap expanded its customer base to include brands like Fandango LATAM, Discovery Kids, Cars24, Lenskart, Ooredoo, Truecaller, Vidio, and others, while growing presence in North America, Singapore, Europe, and India. It launched features such as machine-learning driven predictions, automated RFM segmentation, intent-based segmentation, and Customer Lifecycle Management. The SDK was installed in over 8,000 apps, with key customers like Go-Jek, Zilingo, Hotstar, and Fandango. The company claimed its tools could double registration conversions and triple buying rates for user acquisition. Funds from the Series B were earmarked for product innovation to meet growth demands of rapidly scaling companies. CEO Sid Mehra indicated potential for another raise by year-end targeting a $400 million valuation driven by revenue growth. A follow-on Series C of $35 million came in October 2019, also led by Peak XV Partners and Tiger Global, focusing on US engineering, predictive features, and global expansion. |
| Nov 2017 | Series A | Recruit Holdings; Accel; Peak XV Partners | $6M | - | CleverTap is a customer lifecycle management platform founded in 2013 that provides enterprise tools for customer data management, segmentation, and personalized marketing. The company serves over 8,000 customers globally, including major brands such as GO-JEK, Fandango, Hotstar, and Zilingo. In October 2017, CleverTap raised $6 million in a growth-stage funding round led by Peak XV Partners (then known as Sequoia Capital India) with participation from Accel and other investors. The round was designed to enhance platform capabilities and support international expansion as the company grew its presence across APAC, the Americas, and Europe. By April 2019, CleverTap had achieved significant scale, securing a $26 million Series B at a valuation exceeding $150 million, again led by Peak XV Partners with participation from Accel and Tiger Global Management. The company demonstrated strong revenue growth of 250% year-over-year since its 2015 launch, generating $2 billion in incremental revenue for its customers. |
| Aug 2015 | Series A | Peak XV Partners (lead); Accel | $8M | - | CleverTap raised $8 million in its Series A funding round in August 2015 led by Peak XV Partners, with participation from Accel. The company, founded in 2013 in Mumbai, provides a SaaS platform for mobile marketing and customer engagement, analyzing user behavior to deliver personalized push notifications, emails, and SMS. Valuation for this round was not publicly disclosed. The funds were used to scale operations and enhance product features. |
| Jul 2014 | Seed | Accel (lead); Andy Pandharikar | $2M | - | - |
Who has invested in CleverTap?
7 investors have backed CleverTap across its funding rounds, including Peak XV Partners, Accel, Tiger Global, Recruit Holdings, La Caisse and 360 ONE Asset.
Lead investors include La Caisse, Peak XV Partners, Tiger Global and Accel.
CleverTap Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Aug 2015 | ||
| 4 | Lead | Jul 2014 | ||
| 3 | Lead | Apr 2019 | ||
| 2 | Participant | Nov 2017 | ||
| 1 | Lead | Aug 2022 | ||
This data is available for Pro users. Sign up to see all 7 CleverTap investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by CleverTap
CleverTap has acquired 3 companies to date.
Last acquisition by CleverTap was on April 15th 2025. CleverTap acquired Rehook.ai for undisclosed valuation.
Latest Acquisitions by CleverTap
| Description | Rehook.ai is a no-code platform that equips businesses with tools to launch reward campaigns for user acquisition and retention on websites and mobile apps. It supports incentives including PayPal cash rewards, vouchers from brands like Grab and Shopee, and cryptocurrency payouts without requiring developer involvement. The Singapore-headquartered company caters to e-commerce platforms, fintech firms, and gaming developers across Asia and beyond, enabling scalable promotions through customizable templates and analytics dashboards. | Leanplum is a San Francisco-headquartered mobile marketing platform orchestrating personalized campaigns across push notifications, in-app messaging, and email. Brands including Tinder, Grab, Tesco, and Zynga deploy it to boost user engagement and retention. Founded in 2012, Leanplum maintains offices in Vancouver, London, and Singapore, supporting A/B testing and analytics for growth strategies. | Patch is a Pune-based technology provider offering embeddable communication tools for businesses. The platform supports in-app voice calls, chat, and push notifications, branded to match customer applications. Integrated with web and mobile SDKs, it handles real-time messaging for customer support and collaboration. Patch serves sectors including e-commerce and fintech in India, with features for analytics and scalability. |
| HQ Country | |||
| HQ City | Bangalore | San Francisco, CA | Noida |
| Deal Date | 15 Apr 2025 | 19 May 2022 | 10 Nov 2021 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all CleverTap acquisitions and their M&A valuation multiples. Start Free Trial | |||
CleverTap Competitors
CleverTap competitors include listed companies like WingArc1st and Vercom, and private ones like Soprano Design, Braintrust, ScaleOps and Workboard.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $753M | - | ||
| Private | - | - | $800M | - | ||
| Private | - | - | $800M | - | ||
| Private | - | - | $800M | - | ||
| Publicly listed | $199M | $70M | $747M | 3.3x | ||
| Publicly listed | $125M | $34M | $738M | 5.2x |
CleverTap Public Comps
CleverTap is still privately-owned, but its public comps include WingArc1st, Vercom, Similarweb, Pexip, Truecaller, Beijing Join-Cheer, Tanla Platforms, Enghouse Systems, Cybozu and Consensus Cloud.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $199M | $70M | 3.5x | 3.3x | 10.0x | 10.5x | |||
| $125M | $34M | 5.9x | 5.2x | 21.8x | 18.2x | |||
| $283M | ($15M) | 2.5x | 2.3x | (48.6x) | 26.2x | |||
| $118M | $29M | 6.6x | 5.7x | 26.6x | 18.6x | |||
| $195M | $61M | 3.2x | 3.4x | 10.2x | 11.8x | |||
| $386M | $11M | 1.9x | - | 68.9x | - | |||
| $461M | $76M | 1.2x | 1.2x | 7.6x | 7.1x | |||
| $357M | $87M | 1.4x | 1.4x | 5.6x | 5.6x | |||
This data is available for Pro users. Sign up to see all CleverTap competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CleverTap
| When was CleverTap founded? | CleverTap was founded in 2013. |
| Where is CleverTap headquartered? | CleverTap is headquartered in San Francisco, CA, United States. |
| Is CleverTap publicly listed? | No, CleverTap is a private, VC-backed company. |
| What is CleverTap's valuation? | CleverTap was last valued at $775M in its Series D in August 2022. |
| How much funding has CleverTap raised? | CleverTap has raised $182M across 6 funding rounds. |
| What was CleverTap's last funding round? | CleverTap's last funding round was a $105M Series D in August 2022, led by La Caisse. |
| Who are CleverTap's investors? | CleverTap's investors include Peak XV Partners, Accel, Tiger Global, Recruit Holdings, La Caisse, Andy Pandharikar and 360 ONE Asset. |
| What is CleverTap's revenue? | CleverTap's latest recorded revenue is $45M (August 2022). |
| What is CleverTap's revenue multiple? | CleverTap's latest valuation implies a 17.2x revenue multiple ($775M valuation on $45M of revenue). |
| Which companies are comparable to CleverTap? | Companies comparable to CleverTap include Soprano Design, Braintrust, ScaleOps, Workboard, WingArc1st and Vercom. |
| How many companies has CleverTap acquired? | CleverTap has acquired 3 companies, including Rehook.ai, Leanplum and Patch. |
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