SaaS startup WebEngage raises $16 million in its ongoing Series B funding round
WebEngage has secured new financing in a Series-B round headed by SWC Global Fund totalling Rs 76.4 crore, or around $10 million. In June of this year, Singularity Ventures led the first tranche of Series-B funding for the Mumbai-based business, which garnered about $6 million.
The round was led by SWC Global Fund, which invested Rs 50 crore. Other previous investors IQ Fund and Blume Ventures then contributed Rs 18 crore and Rs 8 crore, respectively. Sonali Patel and Kushal Jayesh Khandwala each contributed Rs 20 lakh to the round. Promoters’ ownership will be reduced to 24.17% after this round’s allocation, while SWC Global Fund will have a 7.08% stake. Additionally, 4.23% and 1.13% of the startup will be purchased by IQ Fund and Blume Ventures, respectively.
The new capital was secured by WebEngage at a post-money valuation of $90 million. In this round, the firm may raise additional money, and the valuation is probably going to rise. To date, it has raised more than $27 million.
11-year-old firm to make customer engagement and retention simple and efficient for consumer internet firms, WebEngage offers marketing automation services. The platform asserts to have over 400 million active monthly users and to have assisted its clients in generating an additional $10 billion in revenue.
Established in 2011. For consumer businesses, WebEngage is full-stack marketing automation and customer data platform. The business also excels in user segmentation, in-app communications, cross-device user profiles, user behavior tracking and analysis, and multi-channel user engagement.
WebEngage seems to be an interesting startup with a persuading development on software development platform. I’m certain this startup would keep on thriving in its excursion ahead. All the best to the whole group. This will give them immense achievement later on.Shishir Gupta, Founder and CEO, StartupLanes
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