Monday, September 26, 2022
HomeInsightFunding Alert MoEngage raises $77 Mn in series E funding

[Funding alert] MoEngage raises $77 Mn in series E funding

[Funding alert] MoEngage raises $77 Mn in series E funding
MoEngage

MoEngage, a customer engagement platform has raised $77 million in its Series E funding round from Goldman Sachs Asset Management and B Capital.

The round also saw participation from Existing investors such as  Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.

The company plans to use the funds to deepen its geographic footprint in the U.S., Europe, Asia and Middle-East markets and expand into new markets such as Latin America and Australia.

The new capital will also be used to explore strategic acquisitions that can help enhance the company’s capabilities and provide greater value to customers.

The US-based MoEngage was founded in 2014 by IIT-Kharagpur alumni Raviteja Dodda and Yashwanth Kumar, It offers products that provide cross-channel engagement insights and analytics for companies across multiple market segments such as e-commerce, retail, travel.

“We accelerated global expansion in the last 18 months, and increased investments in the US and Europe region,” Raviteja Dodda, CEO of MoEngage.

“Companies were investing more in building and digitising their customer engagement platforms and trying to engage with customers across various touch points. This was driving growth for the company in India as well as globally,” he added.

It said that, over the past 12 months, MoEngage has increased annual recurring revenue (ARR) by more than 105%, added 500 new customers, and doubled its workforce to more than 650.

The company currently has over 1,200 customers in 35 countries. It works with brands like ShareChat, Flipkart, Airtel and Ujjivan Bank.

“As companies seek to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value,” said, Rajat Sood, managing director at Goldman Sachs Asset Management.

“MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over one billion users on the platform globally,” said, Kabir Narang, founding general partner at B Capital Group.

About MoEngage

MoEngage is an insights-led customer engagement platform for the customer-obsessed marketers and product owners. They help you delight your customers and retain them for longer. With MoEngage you can analyze customer behavior and engage them with personalized communication across the web, mobile, and email. MoEngage is a full-stack solution consisting of powerful customer analytics, AI-powered customer journey orchestration, and personalization –  in one dashboard

From Fortune 500 enterprises such as Deutsche Telekom, Samsung, and Ally to mobile-first brands such as Flipkart, OLA, and bigbasket – MoEngage has helped amplify customer engagement for all.

Product managers and growth marketers can use MoEngage to provide a personalized experience throughout the customer lifecycle stages – from onboarding to retention to growth. What makes MoEngage different, is a full-stack solution consisting of powerful customer analytics, AI-powered customer journey orchestration and personalization capabilities –  in one dashboard.

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