WebEngage: The most resilient B2B SaaS startup raises $20M in Series B round and plans IPO in three years

WebEngage — a full-stack retention operating system and one of the most resilient B2B SaaS startups — announced Wednesday that it had raised $20 million in a Series B round funded by the Singularity Growth Opportunities Fund and SWC Global.

The round also included existing investors India Quotient, Blume Ventures and IAN Fund, as well as some family offices – Unmaj Corporation, NB Ventures, Shashwat Nakrani (Co-founder of BharatPe) and Gopal Srinivasan (Chairman of TVS Capital).

WebEngage has demonstrated outstanding frugality and resilience throughout its 11-year journey of ups and downs, burning just $6M in capital to achieve a $20M turnover rate – an enviable position in which one can be; Competitors in the SaaS space spend about 3-5x more to achieve the same scale.

The company also adds over 60 new customers each quarter, collaborates with more than 600 customers including new economy and internet-first companies, and drives the digital transformation journey for enterprise customers.

Commenting on the funding, Avlesh Singh – Co-Founder and CEO of WebEngage said: “We are delighted to have the Singularity Growth Opportunities Fund and SWC Global as our new partners and are blessed to have existing partners redouble their trust in us. The ride has just begun and we have front row tickets for anyone who wants to join our journey of Simplifying Retention for the World.”

Commenting on the collaboration with WebEngage, Apurva Patel, Managing Partner of Singularity Growth Opportunities Fund, said: “WebEngage’s comprehensive customer engagement platform truly empowers businesses to better listen to their customers, better understand their behavior through intelligent customer segmentation and on the basis to act on this knowledge in a very personal way. What fascinated us about Singh and his team is their ability to break into not only digital companies but also large traditional companies.”

“We have also been very impressed with customer feedback on the company’s excellent customer service and support and believe this is their key competitive advantage. Singularity Growth is excited to be a part of WebEngage’s growth journey both in India and overseas.”

The capital will be used to continue WebEngage’s rapid growth trajectory, growing 100% YOY and scaling operations across India, MENA and SEA.

The company’s team strength has increased 2.5X since 2020, with strategic high-level hires across marketing, sales, product, engineering and support. Recent clients such as Adani Group in India and IKEA in Saudi Arabia have also confirmed corporate adoption of WebEngage’s offerings.

“We have always believed that the best teams build the best product and that in the long run the best product wins. This is our fourth investment in WebEngage and we will continue to support it as much as we can. WebEngage also demonstrates our belief that companies that win SaaS in India can go global and repeat their achievement,” said Anand Lunia – founding partner at India Quotient – ​​of their investment.