WebEngage, a B2B software as a service (SaaS) startup offering full stack retention operating system, announced that it raised $20 million in Series B. This funding round was led by Singularity Growth Opportunities Fund and SWC Global with participation from existing investors, including India Quotient, Blume Ventures, and IAN Fund.
The round also saw participation from a few family offices, including Unmaj Corporation, NB Ventures, Shashwat Nakrani, Co-Founder of BharatPe, and Gopal Srinivasan, Chairman of TVS Capital, amongst others.
Commenting on the engagement with WebEngage, Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund, said, "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 believed this to be their key competitive advantage."
"This is our fourth 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," added Anand Lunia, Founding Partner at India Quotient, on their investment.
During its 11-year journey, WebEngage claimed it had burned ~$6M in capital to reach a $20M annual revenue run rate, while its peers in SaaS spend about 3x to 5x more to get to the same scale. The company works with over 600 clients, including new-economy and internet-first businesses, while propelling enterprises' digital transformation journey.
WebEngage will deploy the newly raised capital to maintain a high growth trajectory. The company claimed it has been growing 100% YoY and has scaled operations across India, MENA, and SEA regions. It also increased its team strength 2.5x since 2020 and bagged key clients like Adani Group in India and IKEA in Saudi Arabia.
