Mumbai-based full stack retention operating system on Tuesday announced that it raised $20 million in Series B funding led by Singularity Growth Opportunities Fund and SWC Global, with participation from existing investors—India Quotient, Blume Ventures and IAN Fund.
The round also saw participation from a few family offices. including the likes of Unmaj Corporation, NB Ventures, Shashwat Nakrani (Co-founder of BharatPe), and Gopal Srinivasan (Chairman, TVS Capital) among others.
Founded 11 years ago, the B2B SaaS startup claims to have burned around $6 million in capital to reach an annual revenue run rate of $20 million. The company is working with 600+ clients including new-economy and internet-first businesses as well as propelling the digital transformation journey for the enterprise clients.
Avlesh Singh, Co-founder and CEO, said,
“The ride has just begun and we have the tickets to the front row seats for anyone who wants to join our journey of Simplifying Retention For the World.”
Commenting on the engagement with WebEngage, Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund, added,
“WebEngage’s comprehensive customer engagement platform truly empowers companies to listen to their customers better, to understand their behavior deeply by smartly segmenting customers, and to act on that knowledge in a way that is personal.”
The company said the capital will be deployed to maintain the high growth trajectory as WebEngage has been growing 100 percent YoY, and it has scaled operations across India, MENA and SEA regions. The company’s team strength has increased 2.5X since 2020, with strategic high-profile hires across the marketing, sales, product, engineering, and support functions. It has added customers like Adani Group in India and IKEA in Saudi Arabia recently in its portfolio.
“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 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.
