Singularity AMC, a multiproduct asset management company today announced an investment of $20 million in Software-as-a-service (SaaS) start-up WebEngage.
WebEngage is a Mumbai based start-up ecosystem, helps companies with customer engagement and retention, has raised the amount in Series B funding as it looks to expand its footprint amid growing adoption.
As per Industry sources the financing round was led by Singularity Growth Opportunities Fund and SWC Global. It also saw participation from existing investors India Quotient, Blume Ventures and IAN Fund.
Singularity Growth Opportunities Fund-I is the first fund promoted by Singularity Asset Management. Founded by Yash Kela in July 2021, with an objective of providing Growth Capital to Technology driven companies across Consumer technology, consumer brands and Enterprise SaaS space. The fund has a corpus of INR 600 crores, part of which has been deployed across 6 companies’ and WebEngage is the
latest addition to the portfolio.
While announcing the investment, Yash Kela Founder Singularity AMC said, “our investment in WebEngage provides us an inordinate fit to Singularity’s business philosophy and long-term vision set by the management. Therefore, it gives us great admiration to work with Avlesh Singh CEO of WebEngage as his company is more poised to grow business into new markets as well as go deeper in its existing markets
such as India, the Middle East, Latin America and Southeast Asia and hire more local talent. “
With this, WebEngage has raised a total of around $26 million to date. The company plans to use the funds to improve its product and make it more comprehensive, covering the entire spectrum of user retention.