MoEngage, the leading customer engagement platform, today announced the close of its $100 million Series F funding round led by Steadview Capital. This investment is aimed primarily at accelerating the company’s global expansion. In particular, it focuses on North America and Europe, where the company intends to expand its talent pool and enhance its service capabilities.
The Series F round is made up of 60% primary shares and 40% secondary shares. This distribution is indicative of robust investor confidence in MoEngage’s business model. MoEngage is now present in 75 countries. It now services more than 1,350 different consumer brand clients, boasting major names such as SoundCloud, McAfee, Kayak, Domino’s, and Deutsche Telekom. The startup works with major Indian brands including Swiggy, Flipkart, Ola, Airtel, and Tata.
Over the past few years, MoEngage has invested significantly in generative AI and decisioning AI capabilities. These developments deepen the company’s Merlin AI suite. Lastly, it assists marketing and product teams in executing campaigns faster and more efficiently and increasing the effectiveness of their targeting. Using the powerful proprietary first-party data MoEngage has from their business clients, businesses are better able to learn what the right mobile customer engagement strategy looks like.
Raviteja Dodda, the CEO of MoEngage, stated that the company sees a significant growth opportunity in the customer engagement sector.
“We see an opportunity to build a multi-billion dollar revenue company in our space.” – Raviteja Dodda
MoEngage is in the midst of ramping up its customer success, support, sales and marketing teams. Through this strategy, the firm aims to reinforce its leadership position across North America and Europe. Together, the U.S. and Canada account for more than 30% of the company’s revenue. At the same time, Europe and the Middle East together make up about 25%. The other 45% of MoEngage’s business comes from India and Southeast Asia.
The firm today has close to 800 staff in its 15 worldwide offices.
“If you look at all of our brands, whether it’s a bank or an e-commerce company, they leverage MoEngage to unify all their customer data from all the touchpoints. It could be their offline stores, website, mobile app or other channels.” – Raviteja Dodda
MoEngage is committed to enhancing its AI capabilities. It’s growing its staff to strategically diversify and better serve the changing demands of today’s consumer brands. Dodda mentioned the role of first-party data in helping companies better engage with their customers.
The $30 million round led by Goldman Sachs is a powerful endorsement of MoEngage’s fundamentals. Dodda countered that existing investors have an unparalleled understanding of the company’s past performance and future growth prospects.
“The current investors know the most about the company, in terms of how the company performs, and they know everything good and bad. [Goldman Sachs] leading the round is a strong validation of our fundamentals.” – Raviteja Dodda
MoEngage has made a bold pledge. By the end of the company’s fiscal year 2025, the company expects to be adjusted EBITDA-positive on a quarterly basis. This goal further highlights their belief that sustainable, smart growth leads to a more efficient and effective operation.
