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clevertap funding: SaaS firm Clevertap in talks to close $75 million funding as valuation doubles

Customer engagement and user retention software provider Clevertap is set to raise around $75 million from Canada’s CDPQ and IIFL, multiple sources said.

After the latest financing round, the Mumbai- and California-based company will be valued at $750-$775 million, more than double from its previous round, people familiar with the deal talks said.

The fundraise comes at a time when SaaS (Software as a Service) companies have seen valuations plummet after the highs touched during the Covid-19 pandemic.

Indian SaaS poster child Freshworks, which went public in the United States last year, has seen its valuation crater to $4.3 billion, down almost 68% from its IPO price as tech valuations in the US public market have been severely hit in the past eight months.

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Moment of reckoning for SaaS firms with US market in a spot

Clevertap was aiming to close the new round at a $1…

Read more at m.economictimes.com

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