MoEngage raises $77 mn in Series E funding

MoEngage will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets

AgenciesUpdated: Wednesday, June 01, 2022, 09:15 PM IST
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This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021. /Representative image |

MoEngage, insights-led customer engagement platform, today announced that it has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is Goldman Sachs Asset Management’s first investment in an Indian SaaS company.

This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021.

MoEngage will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets and also expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.

Raviteja Dodda, Co-Founder and CEO of MoEngage said, “We have built several product features specifically for the India Market. For instance, we pioneered Push Amplification® Plus, a trademark feature that provides the best delivery rates for push notifications in India. We will continue investing in India and will soon open offices in Delhi, Mumbai, and Hyderabad to better support our customers and tap into talent outside Bangalore”

Rajat Sood, a Managing Director at Goldman Sachs Asset Management, said: “We anticipate the continued expansion of the marketing automation and analytics industry.”

In the last 12 months, MoEngage has grown annualized recurring revenue (ARR) by more than 105 percent, added 500 new customers, and doubled its headcount to more than 650.

“MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,” said Kabir Narang, Founding General Partner at B Capital Group.

'Prior to implementing MoEngage's insights-led customer engagement platform, most of our customer communications were done manually. After MoEngage’s implementation, we at Ujjivan Small Finance Bank were able to save on additional manpower which was routed to business operations, optimizing response time and driving revenue growth," said Sriram Srinivasan, Head of Digital Banking, Ujjivan Small Finance Bank.

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