CleverTap, a startup operating a mobile app that uses analytics to help corporates in the HR space has raised funding from Recruit Holdings Co., a Japanese company that is engaged in diverse businesses.
The statement has come from the Japanese company without disclosing the actual amount contributed in this round of funding, but existing investors in the startup, Sequoia Capital and Accel Partners, have also participated in the round. The Japanese firm has made this investment through its private equity arm RSP India Fund LLC, created to fund Indian startups.
Observers trying to speculate the amount raised by CleverTap, in this round, claim that the company had set out to raise $8 million some months ago and had already covered $6 million through previous efforts.
VCCircle reports that CleverTap was looking to raise funds back in May 2017. It was looking to raise $20 million from new and existing investors as part of its Series B round.
It has been clarified that the funds raised will be used for expansion of their product offerings as well as to stretch their presence beyond the current base of customers.
CleverTap was founded in the year 2013 and has already raised a couple of rounds of funding and the founders, Anand Jain, Sunil Thomas and Suresh Kondamudi, all three of them have technical education and had some experience before joining hands to start this venture.
The business model pursued by CleverTap is described as using the analytics platform to study and evaluate behavioural and user engagement and through this help businesses to discover people, events and behaviour on their websites and mobile apps. It then applies behavioural trends to improve retention, engagement and conversion rates.
CleverTap boasts of 4000 customers already with some reputed names like Sony, McDonald’s, Gojek, Zomato, DC Comics and Rupert Murdoch’s Star Group, on board.