WebEngage, a B2B software as a service (SaaS) start-up, said on Tuesday it has raised $20 million in a funding round led by Singularity Growth Opportunities Fund and SWC Global and with participation from existing investors India Quotient, Blume Ventures and IAN Fund.
The Series B round also saw participation from family offices of Unmaj Corporation, NB Ventures, Shashwat Nakrani (a co-founder of BharatPe), and Gopal Srinivasan (chairman of TVS Capital) and others.
WebEngage will use the funding for expansion, saying it is growing 100 per cent year-on-year and it has operations across India, Middle East, North Africa and Southeast Asia. Customers like Adani Group in India and IKEA in Saudi Arabia have validated WebEngage’s enterprise offering.
“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,” said Avlesh Singh, co-founder and CEO of WebEngage.
“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,” said Apurva Patel, managing partner at Singularity Growth Opportunities Fund
“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.