WebEngage, a full stack retention OS (operating system) and a B2B SaaS (Software as a Service) start-up has raised $20 million in a series B funding. The lead investor was Singularity Fund, investing for the for the fourth time, with participation from existing investors India Quotient, Blume Ventures, and IAN Fund. The round also saw participation from a few family offices, including Unmaj Corporation, NB Ventures, Shashwat Nakrani (Co-founder of BharatPe), and Gopal Srinivasan (Chairman, TVS Capital), among others.
In the 11 years since WebEngage was launched, the company has utilised $6 million to reach $20 million in revenues. WebEngage is also adding 60 new clients every quarter above its already existing 600 clients.
WebEngage clients include new-economy and internet-first businesses, as well as enterprises.
Commenting on the funding, Avlesh Singh, Co-founder & CEO, WebEngage, said, “We are absolutely delighted to have Singularity Growth Opportunities Fund and SWC Global as our new partners and are blessed to have existing partners double down on their confidence in us. 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.’”
Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund, said, “WebEngage’s comprehensive customer engagement platform truly empowers companies to listen to their customers better, deeply understand their behaviour by smartly segmenting customers, and act on that knowledge in a way that is personal. 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. Singularity Growth is thrilled to be part of WebEngage’s growth journey in both India and overseas.”
The funds will be used to grow the company and scale operations across India, MENA, and South East Asia regions, in addition to expanding the team.
Recent customer wins include Adani Group in India and IKEA in Saudi Arabia.
