MoEngage raises $77 mn in round led by Goldman Sachs Asset Mgt, B Capital

MoEngage, the insights-led customer engagement platform, said 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 U.S., 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.

“We now have over 1200 customers in 35 countries and 650 global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand,” said Raviteja Dodda, co-founder and CEO of MoEngage, “We are the leading customer engagement platform in India. We have over 500 customers in the country, including Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank and Navi. 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 Bengaluru”

Rajat Sood, a managing director at Goldman Sachs Asset Management, said it anticipates the continued expansion of the marketing automation and analytics industry. “ We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company (MoEngage).”

In the last 12 months, MoEngage has grown annualized recurring revenue (ARR) by more than 105 per cent, 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,” said Kabir Narang, Founding General Partner at B Capital Group. “It helps companies engage and retain over 1 billion users on the platform globally.”

Prior to implementing MoEngage's technology,  most of Ujjivan Small Finance Bank’s 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.