Unmaj Corporation, NB Ventures, BharatPe cofounder Shashwat Nakrani, and TVS Capital Chairman Gopal Srinivasan also participated in the funding round
WebEngage will use the fresh fund to maintain its growth trajectory and scale operations across domestic and international markets
WebEngage offers services to organisations across sectors such as media and entertainment, gaming, BFSI, healthcare, and online retail, among others
SaaS startup WebEngage has raised $20 Mn in a Series B funding round led by Singularity Growth Opportunities Fund, SWC Global, India Quotient, Blume Ventures and IAN Fund.
Unmaj Corporation, NB Ventures, BharatPe cofounder Shashwat Nakrani, and TVS Capital Chairman Gopal Srinivasan also participated in the funding round.
WebEngage will use the fresh funds to maintain its growth trajectory and scale operations across domestic and international markets.
“This is our fourth 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.
WebEngage, founded in 2011 by Avlesh Singh and Ankit Utreja, offers a host of marketing and automation solutions to its clients. Its product offerings include push notifications, email marketing, WhatsApp marketing, Google Ads, Facebook remarketing and web personalisation, among others.
WebEngage has a presence in India, MENA and SEA regions. It offers services to organisations working in diverse sectors such as media and entertainment, gaming, BFSI, healthcare, and online retail, among others.
WebEngage’s team size has increased by 2.5x since 2020. It also clocked an annualised revenue of $20 Mn in the fiscal year 2020-21, it said in a statement.
WebEngage claims to be working with more than 600 clients including Adani Group, Unilever, L’Oréal, Bajaj Auto, Grasim Industries, GoAir, Akasa Airlines, Unacademy, and Myntra.
It competes with SaaS startups such as Toplyne, BarRaiser and Everstage, among others.
According to a report, India’s SaaS market is likely to reach a size of $30 Bn by 2025, capturing 8-9% share of the international SaaS market.
As per another report by Nasscom, the country’s SaaS market is likely to grow 6x from March 2020 to reach a size of $13 Bn-$15 Bn by 2025.