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MoEngage will raise the new funds at a valuation of $800-850 Mn in mix of primary and secondary deal transactions
The startup plans to deploy the new funds to strengthen its position in existing markets and expand into new regions
The San Fransisco-based startup is also planning to shift its domicile to India
Customer engagement platform MoEngage
is reportedly looking to raise $150-180 Mn in a mix of primary and secondary transactions.
A Mint report, citing people close to the matter, said that the Goldman Sachs-backed startup is in discussions with new and existing backers for the fresh fundraise which will value it between $800-850 Mn.
The report further said that the company has also roped in Mumbai-based investment banking and asset management firm Avendus Capital to help with the mandate.
Inc42 has reached out to MoEngage for comments on the development. The story will be updated based on the response.
The startup plans to deploy the fresh proceeds to expand its marketing operations across US, Europe, Middle East and Asia. Besides, it also aims to enter into newer regions such as Latin America and Australia.
Possible acquisitions for boosting existing offerings are also on the cards.
The development comes almost a year after it was reported that Goldman Sachs is planning to pump around $30-35 Mn via a secondary deal, buying shares of some early investors in the company.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage is SaaS-based enterprise tech platform which provides analytics and insights to marketers and product managers for better understanding of their customers.
It allows its users to analyse customer behaviour and engage with them through personalised communications via web, mobile, and email.
The startup raised its last Series E funding round of $77 Mn co-led by Goldman Sachs and B Capital Group back in 2022. It counts the likes of Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Z47 among its other investors.
It claims to serve more than 1,000 customers and includes the likes of Flipkart, BigBasket and Airtel among others as its clients.
The development also comes at a time when the startup is looking to shift its domicile to India and is evaluating its move to get listed on the India stock exchanges.
On the other hand, its rival CleverTap is also in the midst of shifting its base to India and recently completed the acquisition of rehook.ai in an undisclosed transaction.
MoEngage competes with the likes of Netcore Cloud, Salesforce, CleverTap and others in the customer relationship management space, which is set become a $5.6 Bn market by 2033.
According to Inc42’s report, investors have been quite bullish on the enterprise tech startup as it was one of the most funded sectors in the country grabbing $1.8 Bn of total funding in 2024 with 167 deals.
