WebEngage — a full-stack retention operating system and one of the most resilient B2B SaaS start-ups — announced on Wednesday that it raised $20m in a Series B round led by the Singularity Growth Opportunities Fund and SWC Global.
The round also included existing investors India Quotient, Blume Ventures, and IAN Fund, along with a few family offices — Unmaj Corporation, NB Ventures, Shashwat Nakrani (Co-founder of BharatPe), and Gopal Srinivasan (Chairperson of TVS Capital).
WebEngage showcased outstanding frugality and resilience in its 11-year journey that is full of ups and downs, burning only $6m in capital to reach a $20m revenue run rate — an enviable position to be in; peers in SaaS spend about 3-5x more to achieve the same scale.
The company is also adding over 60 new clients every quarter, in addition to working with 600+ clients, including new-economy and internet-first businesses, and propelling the digital transformation journey for enterprise clients.
Commenting on the funding, Avlesh Singh — Co-Founder and CEO of WebEngage — 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, Apurva Patel — Managing Partner of Singularity Growth Opportunities Fund — said: “WebEngage’s comprehensive customer engagement platform truly empowers companies to listen to their customers better, deeply understand their behaviour by smartly segmenting customers, and act on that knowledge in a way that is personal. What fascinated us about Singh 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.”
The capital will be deployed to maintain the high growth trajectory WebEngage has been on, growing 100% y-o-y and scaling operations across India, MENA, and SEA.
The company’s team strength has increased 2.5x since 2020, with strategic high-profile hires across marketing, sales, product, engineering, and support functions. Recent customer wins like Adani Group in India and IKEA in Saudi Arabia have also validated enterprise acceptance of WebEngage’s offerings.
“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 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,” said Anand Lunia — Founding Partner at India Quotient — on their investment.