US-based intelligent marketing cloud platform MoEngage has raised $9 Mn (INR 63.4 Cr) in Series B funding round led by Hyderabad-based Ventureast and Mumbai-based Matrix Partners India. The startup said it plans to use the fresh funds to expand its global presence and strengthen its data science capabilities.
It is also planning to use the capital for rolling out its integrated marketing technology stack for enterprise clients with user engagement, analytics, and personalisation products.
The startup’s existing investors, Helion Venture Partners and Exfinity Ventures, also participated in this round.
MoEngage was founded in 2014 by IIT Kharagpur alumni, Raviteja Dodda and Yashwanth Kumar. The platform offers one-to-one user engagement platform, which helps internet companies organise campaigns via push notifications, in-app recommendations, email, web-push, and other communication channels.
According to the startup, currently, it works with consumer businesses across the world including Fortune 500 brands such as Samsung, Deutsche Telekom (T Mobile), Vodafone, Hearst, and Prudential.
MoEngage provides hyper-personalisation at scale by analysing data from over 250 Mn users. It analyses mico-moments such as when a user abandons a cart without finishing the purchase, exits an app, or does not log in to an app for a long time and sends a notification to engage them.
MoEngage had launched its product Sherpa, a machine learning-based engine which gathers real time insights from user actions across apps and websites and automates the marketing communication with predictive analytics.
Raviteja Dodda, Founder & CEO, MoEngage said, “The funding comes at a time when we are looking to establish category leadership in Asia, grow our presence in North America and Europe and enhance our widely recognized AI Engine Sherpa.”
In 2016, the platform had raised an undisclosed amount of funding from angel investor Anand Chandrasekaran.
According to a Markets and Markets report, the global market size of machine learning is projected to grow to reach $8.81 Bn by 2022 from $1.41 Bn in 2017, at a CAGR of 44.1%.
MoEngage faces competition from other players such as WebEngage, Kahuna, Swrve, CleverTap, Localytics among many others.