Existing investors including India Quotient, Blume Ventures and IAN Fund also participated in the financing. The round saw the participation of a few family offices and angel investors such as Unmaj Corporation, NB Ventures, Bharat Pe co-founder Shashvat Nakrani and
Capital Chairman Gopal Srinivasan among others.
It plans to use the capital to maintain its growth trajectory as it expands its operations across India, the Middle East and North Africa (MENA), as well as Southeast Asia regions. East (SEA).
Founded in 2011, WebEngage provides customers with customer loyalty and marketing automation solutions and helps them scale through its customer data and analytics platform. It also provides a personalization engine for product recommendations based on artificial intelligence (AI) and machine learning (ML) to help customers increase conversions.
“We are thrilled to have Singularity Growth Opportunities Fund and SWC Global as new partners and we are fortunate to have existing partners doubling down on their faith in us,” said Avlesh Singh, co-founder and CEO of WebEngage.
Currently, the company has annual sales of $20 million, he said. It also has more than 600 customers, including new economy and internet-focused companies such as Unacademy, Myntra, Pepperfry and GoIbibo, among others.
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“WebEngage’s comprehensive customer engagement platform truly empowers businesses to better listen to their customers, understand their behavior in depth by intelligently segmenting customers, and act on the insights derived in a personal way. What fascinates us at Avlesh and his team, it’s their ability to gain traction not only with digital businesses, but also with large traditional businesses,” said Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund.