Full stack retention operating system and B2B Saas start-up,WebEngage has announced that it has raised $20 million in Series B led by Singularity Growth Opportunities Fund and SWC Global with participation from existing investors India Quotient, Blume Ventures and IAN Fund.
The round also saw participation from Unmaj Corporation, NB Ventures, Shashwat Nakrani, Cofounder, BharatPe, and Gopal Srinivasan, Chairman, TVS Capital, amongst others.
As per the platform, in its 11-year journey it has used approximately $6 million in capital to reach a $20 million annual revenue run rate, which as per its claims is better than most other SaaS.
Avlesh Singh, Co-Founder and 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, to understand their behaviour deeply by smartly segmenting customers, and to 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. We were also very impressed with customer feedback on the company’s superior customer service and support, and believe this to be their key competitive advantage. Singularity Growth is thrilled to be part of WebEngage’s growth journey in both India and overseas”.
As per WebEngage, the capital will be deployed to maintain the growth trajectory it has been on - growing 100% YoY, and it has scaled operations across India, MENA and SEA regions.
"We have always believed that the best teams build the best product and in the long run, it's the best product that wins. This is our fourth investment in WebEngage and we will continue to back them as far as we can. WebEngage also demonstrates our belief that companies that win SaaS in India can go global and repeat their performance," said Anand Lunia, Founding Partner at India Quotient on their investment.