MoEngage, a customer engagement platform serving consumer brands in 75 countries, has raised $100 million in Series F funding, led by Goldman Sachs Alternatives and joined by new investor A91 Partners, to accelerate its global expansion and strengthen its artificial intelligence capabilities. The round comprises 60% primary and 40% secondary share transactions, bringing the company’s total funding to $250 million.
Founded 11 years ago, MoEngage helps B2C brands improve customer engagement by using their first-party data to deliver personalized marketing experiences. CEO and co-founder Raviteja Dodda said the company’s latest investment will support its push into new markets and expand its AI-driven product suite, Merlin AI, which combines generative AI and decisioning AI for marketing automation.
“[Goldman Sachs] leading the round is a strong validation of our fundamentals,” Dodda said in an interview with TechCrunch. The investment firm also co-led MoEngage’s Series E round of $77 million in June 2022 with B Capital.
MoEngage’s Merlin AI suite includes AI agents that assist marketers by drafting campaign messages, generating text and visuals, and determining which customers to target, through which channels, and at what time. The company said the tools help reduce manual work and enable faster campaign launches across multiple channels.
The startup currently works with over 1,350 brands, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, and Travelodge, as well as Indian companies such as Swiggy, Flipkart, Ola, Airtel, and Tata. Its clientele also includes 25 global banks and insurers like JPMorgan Chase, Citibank, and Life Insurance Corporation of India (LIC).
MoEngage’s geographic expansion has accelerated in recent years. While the company initially focused on India and Southeast Asia, North America now contributes over 30% of its revenue, followed by Europe and the Middle East at 25%, and the remaining 45% from Asia.
The company reported 40% year-over-year growth last year and aims to sustain a 35% compound annual growth rate over the next three years. Dodda said MoEngage expects to become EBITDA-positive on a quarterly basis by the end of the fiscal year.
MoEngage also claims to have helped brands migrate from legacy platforms such as Adobe, Oracle, and Salesforce, winning more than 300 new enterprise clients in North America and EMEA. SoundCloud reportedly transitioned 120 million users to MoEngage within 12 weeks, leveraging its AI insights to accelerate product launches and increase retention among paying customers.
The company employs about 800 staff across 15 offices worldwide and plans to expand its North American and European teams in sales, marketing, and customer support. MoEngage also intends to add new AI capabilities and hire more engineers to enhance product innovation.
Dodda said the company plans to be IPO-ready within the next couple of years, though no specific timeline was disclosed. “We see an opportunity to build a multi-billion-dollar revenue company in our space,” he said.
Featured image credits: Wikimedia Commons
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