CleverTap is in discussions to raise $75 million at a $775 million valuation

10 Aug 2022 , 10:30 AM

Clevertap, a developer of software for user retention and customer interaction, plans to raise about $75 million from CDPQ and IIFL in Canada.

The company, which has offices in Mumbai and California, will have a valuation of $750-$775 million following the most recent financing round, more than doubling from the previous phase.

The fundraising effort takes place as SaaS (Software as a Service) companies’ valuations have fallen precipitously from their peak levels reached during the COVID-19 outbreak. As software values in the US public market have been significantly pummelling over the preceding eight months, Freshworks, the Indian SaaS poster child that came out publicly in the US last year, has seen its valuation plummet to $4.3 billion, down nearly 68% from its Initial Public Offering (IPO) price.

For instance, another individual acquainted with Clevertap’s fundraising strategy stated that the company had lowered its expectations owing to the general market slowdown and was still trying to close the next round at a $1 billion value.