Automation platform WebEngage raises $20 million in funding led by Singularity Growth
Market automation platform WebEngage on Tuesday said it has raised $20 million in funding led by Singularity Growth Opportunities Fund and SWC Global.
Existing investors, including India Quotient, Blume Ventures and IAN Fund also participated in the funding. The round saw participation from a few family offices and angel investors such as Unmaj Corporation, NB Ventures, BharatPe cofounder Shashvat Nakrani, and TVS Capital chairman Gopal Srinivasan, among others.
WebEngage plans to use the capital to maintain its growth trajectory as it scales operations across India, Middle East and North Africa (MENA), and as well as Southeast Asia (SEA) regions.
Founded in 2011, WebEngage provides customer retention and marketing automation solutions to customers and helps them scale through its customer data and analytics platform. It also provides a personalisation engine for artificial intelligence (AI) and machine learning (ML)-driven product recommendations to help clients boost customer conversions.
“We are delighted to have Singularity Growth Opportunities Fund and SWC Global as our new partners and are fortunate to have existing partners double down on their confidence in us,” said Avlesh Singh, cofounder and chief executive officer (CEO), WebEngage.
Currently, the company has an annual revenue run rate of $20 million, it said. It also has more than 600 clients, including new-economy and internet-first businesses such as Unacademy, Myntra, Pepperfry, and GoIbibo, among others.
“WebEngage’s comprehensive customer engagement platform truly empowers companies to listen to their customers better, understand their behavior deeply by smartly segmenting customers, and act on the derived knowledge in a personal way. What fascinated us about Avlesh and his team is their ability to gain traction with not only digital businesses, but also with large traditional enterprises,” said Apurva Patel, managing partner of Singularity Growth Opportunities Fund.