WebEngage raises $20 million in Series B

The funding is led by Singularity Growth Opportunities Fund and SWC Global

e4m by exchange4media Staff
Published: Aug 2, 2022 5:59 PM  | 2 min read
webengage

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 a few family offices including the likes of Unmaj Corporation, NB Ventures, Shashwat Nakrani (Cofounder of BharatPe), and Gopal Srinivasan (Chairman, TVS Capital) amongst others.

Speaking at the announcement, 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.”

Commenting on the engagement with WebEngage, 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 behavior 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”.

“The capital will be deployed to maintain the high growth trajectory WebEngage has been on - growing 100% YoY, and it has scaled operations across India, MENA and SEA regions. The company’s team strength has increased 2.5x since 2020 with strategic high-profile hires across the Marketing, Sales, Product, Engineering and Support functions. Recent customer wins like Adani Group in India and IKEA in Saudi Arabia have validated Enterprise acceptance of the WebEngage offering,” the company stated.

"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 4th 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.

 

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