Mumbai: B2B SaaS startup WebEngage raised $20 million in Series B. Singularity Growth Opportunities Fund and SWC Global led this Series B funding round with the participation of existing investors India Quotient, Blume Ventures and IAN Fund.
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.
The raised capital in Series B round will be utilised to maintain the high growth trajectory. WebEngage has been growing 100% YoY. And it has scaled operations across India, MENA and SEA regions. The startup’s team strength has increased 2.5x since 2020 with strategic high-profile hires across the marketing, sales, product, engineering and support functions.
The full stack retention operating system WebEngage has showcased unusual frugality and resilience in an 11-year journey filled with ups and downs, burning only ~$6 million 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 B2B SaaS startup WebEngage is working with 600+ clients including new-economy and internet-first businesses as well as propelling the digital transformation journey for the enterprise clients.
“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, WebEngage.
“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,” added Singh.
“WebEngage’s comprehensive customer engagement platform truly empowers companies to listen to their customers better, and understand their behaviour deeply by smartly segmenting customers. And to act on that knowledge in a way, that is personal,” said Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund.
“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,” added Patel.
Adani Group in India and IKEA in Saudi Arabia are among the recent customer wins that validate enterprise acceptance of WebEngage’s offering.
“We have always believed that the best teams build the best product 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”, said Anand Lunia, Founding Partner of India Quotient.