MoEngage Raises $180 Mn, Closes Series F Round At $280 Mn

MoEngage Raises $180 Mn To Close Series F Round At $280 Mn

SUMMARY

The funding round, which was a mix of primary and secondary transactions, was led by new investors Chrys Capital, Dragon Funds and Schroders Capital
MoEngage also said that it completed its second employee tender offer worth $15 Mn, benefiting 259 current and former employees
It will expand its presence in global markets through acquisitions and scaling existing teams

Customer engagement platform MoEngage has raised an additional $180 Mn raise in its Series F round, which was a mix of primary and secondary transactions, led by new investors Chrys Capital, Dragon Funds and Schroders Capital. With this, the startup closed the funding round at $280 Mn.

Last month, MoEngage announced raising $100 Mn from existing investor Goldman Sachs Alternatives and new investor A91 Partners. The consumer engagement platform, which is active in over 75 countries, was last valued at about $850 Mn.

MoEngage, in a statement today, also said that it completed its second employee tender offer worth $15 Mn, benefiting 259 current and former employees. Meanwhile, the round also saw secondary transactions giving partial exit to investors Eight Roads Ventures, Helion Venture Partners, Z47 Partners, and Ventureast.

The startup plans to use the funds to accelerate innovation for Merlin AI – its agentic AI platform for marketers. It also plans to scale its go-to-market teams in North America, Europe, Middle East and Africa, while exploring strategic acquisitions that aid in global expansion or product improvement.

Last month, MoEngage said that North America made up the largest share of its global business and its revenue from the market doubled over the previous year.

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 provides insights-led customer engagement tools to 1,350 global consumer brands, including SoundCloud, McAfee, Flipkart, Domino’s, Travelodge, among others.

The platform allows brands to engage with customers across web, mobile, email, social, and messaging channels. It has a combined monthly customer base of around 2 Bn globally. It competes with the likes of Netcore Cloud, Salesforce, and CleverTap in the customer relationship management space.

Prior to the latest fundraise, MoEngage raised over $300 Mn from investors like B Capital, Steadview Capital, Multiples, among others.

On the financial front, MoEngage’s revenue grew 27% to INR 311.5 Cr in FY24 from INR 245 Cr in the previous year. Expenses jumped 13% YoY to INR 327 Cr, leading to a 65% decline in net loss to INR 15.4 Cr from INR 44 Cr in FY23.