User engagement and retention platform WebEngage has raised $20 million in their Series B fundraise, marking robust growth. The funding was spearheaded by Singularity Growth Opportunities Fund and SWC Global, along with the participation of their existing investors – India Quotient, Blume Ventures and IAN Fund. Other participants in the series were from a few family offices such as Unmaj Corporation, NB Ventures, Shashwat Nakrani (co-founder of BharatPe), and Gopal Srinivasan (chairman, TVS Capital).
Set up on a unique mission, full-stack retention operating system WebEngage believes in user retention that is data-driven, fully automated, and hyper-personalized. The startup has customers from leading tech businesses to brands such as Myntra, Unacademy, Acko, IKEA and Adani Group.
Starting from scratch to $20 million ARR in 6 years, co-founder Avlesh Singh shared his excitement in a LinkedIn Post, “I am excited about the next phase of our growth. In case you aren't a customer – WebEngage is a highly differentiated product. We've consistently ranked #1 across review platforms on depth, ease of use and comprehensiveness. We are even more committed now to deliver an iconic product!”
Since the founders hadn’t found an opportunity to announce Series A, Avlesh says that they raised $4m in January 2020 from India Quotient, IAN Fund with participation from others.
EngageMint and Fountainhead Leadership Series are some of their flagship initiatives. The team says they would continue to invest in their community initiatives to build a large pool of specialists, marketers and product managers.
“We have always believed that the best teams build the best product and in the long run, it’s the best product that wins. This is our 4th investment in WebEngage and we will continue to back them as far as we can. WebEngage also demonstrates our belief that companies that win SaaS in India can go global and repeat their performance”, said Anand Lunia, founding partner at India Quotient on their investment.
With a growth of 100% YoY, WebEngage is a team of 275 members set up in 5 different regions.
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