MoEngage Bags $100 Mn From Goldman Sachs, Others

SUMMARY

The marketing automation SaaS startup plans to use the capital to expand its Merlin AI suite of agents, including its new offer and campaign decisioning tools for faster marketing decisions

A part of the capital will also be used to expand go-to-market and customer success teams in North America and the EMEA region

The startup, which counts Eight Roads Ventures, Exfinity Venture Partners, Helion Venture Partners, and Z47 (formerly Matrix Partners India) among its investors, said its total funding has crossed the $250 Mn with the latest fundraise

Customer engagement platform MoEngage has raised $100 Mn (around INR 887 Cr) in a funding round co-led by existing investor Goldman Sachs Alternatives and new investor A91 Partners.

The marketing automation SaaS startup plans to use the capital to expand its Merlin AI suite of agents, including its new offer and campaign decisioning tools for faster marketing decisions.

A part of the capital will also be used to expand go-to-market and customer success teams in North America and the EMEA region, MoEngage said in a statement.

Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage helps consumer brands amplify and scale customer engagement, serving clients ranging from startups to global enterprises.

It offers a range of products designed to help businesses understand and engage their customers better. Its customer insights tool gives a 360° view of customer behaviour, while cross-channel marketing enables communication across different channels.

The web & app personalisation feature delivers tailored experiences to users, and real-time transactional alerts keep customers informed instantly through a single API.

It last raised a Series E round of $77 Mn, co-led by Goldman Sachs and B Capital Group in 2022.

In a statement, the startup said that its North America revenue doubled over the past year and now forms the largest share of its global business, highlighting its strategic focus on international expansion.

The startup claims to have a client base of over 1,350 global consumer brands, including SoundCloud, McAfee, Flipkart, Kayak, Domino’s, Deutsche Telekom, Travelodge, and more.

MoEngage has also been exploring reverse flip to India from San Francisco. It competes with the likes of Netcore Cloud, Salesforce, CleverTap, and others in the customer relationship management space.

On the financial front, MoEngage’s total revenue increased 27.1% to INR 311.5 Cr in FY24 from INR 245 Cr in the previous fiscal year. The startup also managed to trim its net loss by 65% to INR 15.4 Cr from INR 44 Cr in FY23.