An Indian software-as-a-service company called WebEngage has secured $20 million in a series B round that was jointly led by SW Global and Singularity Growth Opportunities Fund.
The startup provides businesses with a marketing suite and useful insights based on user data and analytics through its full-stack retention operating system. Among the more than 600 clients of WebEngage are Unilever, L’Oréal, and Unacademy. Some of its most recent collaborations include Adani Group in India and Ikea in Saudi Arabia.
WebEngage, which was founded in 2011 by Avlesh Singh and Ankit Utreja, has spent around $6 million to far to attain an annual revenue run rate of $20 million, which the business estimates is 3x to 5x less than rivals on a comparable size.
Along with Southeast Asia, West Asia, and North Africa, WebEngage has grown into India. Additionally, it has hired members of the marketing, product, sales, engineering, and sales departments, growing its workforce size by 2.5 times since 2020.
The additional investment will be utilized to keep the company’s growth trajectory of 100% annually.
