Mumbai: WebEngage announced a $20 million Series B round led by Singularity Growth Opportunities Fund and SWC Global, with participation from existing investors India Quotient, Blume Ventures, and IAN Fund recently.
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.
WebEngage has showcased unusual frugality and resilience in its 11-year journey filled with ups and downs, burning only six million dollars in capital to reach a $20 million annual revenue run rate, an enviable position to be in.
Peers in SaaS spend about 3x to 5x more to get to the same scale. The company is working with over six hundred clients, including new-economy and internet-first businesses, as well as propelling the digital transformation journey for enterprise clients.
The funds will be used to maintain WebEngage's rapid growth—it is up 100 per cent year-on-year and has expanded operations to India, the Middle East, and Southeast Asia. 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.
Speaking about this new milestone, WebEngage co-founder and CEO Avlesh Singh 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, Singularity Growth Opportunities Fund managing partner Apurva Patel 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."
"We have always believed that the best teams build the best products, 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," concluded India Quotient founding partner Anand Lunia.
