Shadine Taufik · · 1 min readIndia-based SaaS startup nets $20m in series B money
WebEngage, a software-as-a-service firm based in India, has raised US$20 million in a series B round co-led by Singularity Growth Opportunities Fund and SW Global.
The WebEngage team / Photo credit: WebEngage
The startup offers a full-stack retention operating system, providing clients with a marketing suite and actionable insights through user data and analytics. WebEngage has over 600 clients including Unilever, L’Oréal, and Unacademy. Some of its recent partnerships include Ikea in Saudi Arabia and Adani Group in India.
Founded in 2011 by Avlesh Singh and Ankit Utreja, WebEngage so far has burned around US$6 million to reach an annual revenue run rate of US$20 million, which the company claims is 3x to 5x less than competitors on the same scale.
WebEngage has expanded across India as well as Southeast Asia, West Asia, and North Africa. It also increased its team size by 2.5x since 2020, with hires across marketing, product, sales, engineering, and sales teams.
The fresh funding will be used to maintain the firm’s 100% year-on-year growth trajectory.
Other investors in this round include:
- India Quotient
- Blume Ventures
- IAN Fund Unmaj Corporation
- NB Ventures
- Shashwat Nakrani, co-founder of BharatPe
- Gopal Srinivasan, chairman of TVS Capital
See also: Indian startup makes software for factory workers, eyes Southeast Asia next
Editing by Samreen Ahmad and Eileen C. Ang
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