As a part of its fundraising drive, analytics startup CleverTap has secured an undisclosed amount in funding from Japan-based Recruit Holdings Co.,Ltd.
Recruit Holdings Co.,Ltd, provider of diverse consumer and business services, made the investment through its investment subsidiary, RSP India Fund LLC, an equity wing created in 2015 that funds Indian startups. Recruit Holdings Co. confirmed in a statement that the investment was made in association with CleverTap’s current investors, Sequoia Capital India and Accel Partners.
Though the funding amount is unknown, it is speculated that the new investment secured by the startup is a part of its efforts to raise $8 million, of which $6 million was raised a few months ago. CleverTap is expected to use the received funds for product development and customer base expansion.
It was reported in May 2017 that Anand Jain, co-founder of CleverTap, had revealed the company’s plans of securing investments to the tune of $20 million in its Series B round from both existing and new investors .
Beginning with a seed capital of $1.6 million from from Accel Partners in July 2014, CleverTap has been successful in securing investments regularly. It raised another $8 million investment from Accel Partners and Sequoia Capital in August 2015 as a part of its Series A round of funding.
As for Recruit Holdings Co., last year was eventful in terms of acquisitions and investments in startups, as it acquired Germany-based guest feedback platform, TrustYou in 2017 and invested in the US-India based logistics management startup, Locus.
Formerly known as WizRocket, CleverTap provides mobile app analytics and user engagement products to over 4000 customers using behavioural analytics. It helps firms understand customer behaviour and improves their customer retention, and caters to customers across different stages of development such as startups, SMBs and Fortune 500 companies. Its clientele includes global brands such as Samsung, Sony and McDonald’s.
Provide your comments below
An unapologetic movie buff with a special admiration for Marlon Brando and Stanley Kubrick, Jeevan is a post graduation student in Journalism and Mass Communication. He hopes to make an impact with his uncompromising reportage some day.