WizRocket Technologies Pvt Ltd, which operates mobile app analytics startup CleverTap, has raised an undisclosed sum from Japan-based diversified consumer and business services provider Recruit Holdings Co.
Recruit Holdings made the funding in a co-investment round along with existing investors Sequoia Capital India and Accel Partners, a statement by the Japanese firm said.
CleverTap will use the fresh round of funds for product development and to expand its customer base, the statement added.
Recruit Holdings made the investment through its private equity arm, RSP India Fund LLC, which was founded in 2015. The fund’s general partner is Recruit Strategic Partners.
While the amount raised in this round is not clear, a person close to the company said that the current fundraise is likely part of an $8 million round, of which CleverTap had raised $6 million some months ago. It is not clear whether the company finished raising this round or whether this was part of a larger funding round.
Anand Jain, Sunil Thomas and Suresh Kondamudi, co-founders of the venture, did not immediately respond to email queries from VCCircle seeking confirmation.
In May 2017, Jain told Moneycontrol that the company was looking to raise $20 million from new and existing investors as part of its Series B round. In August 2015, the company had raised a similar amount from existing investors Sequoia Capital India and Accel Partners, in what was likely its Series A funding round.
The company had also raised $1.6 million in seed capital from Accel Partners in July 2014.
CleverTap was founded in 2013 by Thomas, Jain and Kondamudi. A University of Washington alumnus, Thomas was earlier chief technology officer at Infospace Inc. Jain was previously CTO of local search site Burrp.com. He had also worked at Motorola and ATT Wireless. Kondamudi is an IIT Madras alumnus and had previously worked at Qwest Software and JiGrahak Mobility Solutions.
Through its behavioural and user engagement analytics platform, CleverTap allows 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.
The company claims to have more than 4,000 customers, including the likes of Sony, McDonald’s, Gojek, Zomato, DC Comics and Rupert Murdoch’s Star Group.
