MoEngage, a customer engagement platform working with consumer brands across 75 countries, has raised new funding. The investment was led by its existing investor, Goldman Sachs Alternatives, to accelerate global growth and integrate more artificial intelligence into its platform.
A total of one hundred million dollars in shares traded hands. This Series F round was split roughly sixty percent primary and forty percent secondary. The round also marks the entry of Indian venture firm A91 Partners as a new investor. According to MoEngage, the company has now raised two hundred and fifty million dollars in total funding.
As consumer brands increasingly use digital channels to reach customers, competition for attention has intensified. This has pushed companies to use their existing customer data to deliver more personalized marketing. While established marketing platforms continue to serve this space, brands are now seeking AI-driven tools that can automate decision-making and reduce manual labor. MoEngage positions itself in this segment with its Merlin AI suite, which helps marketing and product teams launch campaigns faster and improve targeting efficiency.
The company helps business-to-consumer brands engage more effectively with their customers by leveraging the first-party data they already have, according to Raviteja Dodda, co-founder and CEO of MoEngage.
The eleven-year-old startup spent its first seven years focusing largely on India and Southeast Asia. Over the past four years, it has expanded its reach to new markets, particularly North America, which now contributes more than thirty percent of its revenue. About twenty-five percent of the business comes from Europe and the Middle East, and the remaining forty-five percent comes from India and Southeast Asia.
Goldman Sachs’ backing in this latest funding will help further bolster MoEngage’s global presence. The investment bank also co-led the startup’s Series E round of seventy-seven million dollars along with B Capital in June of 2022.
The current investors know the most about the company, in terms of how it performs, and they know everything good and bad, said Dodda. He added that Goldman Sachs leading the round is a strong validation of the company’s fundamentals.
Over the past two to three years, MoEngage has invested heavily in generative AI and decisioning AI capabilities. These efforts are reflected in its Merlin AI suite, which includes a range of AI agents built for marketing use cases.
Some of these agents act like copywriters, helping consumer brands draft marketing messages, create multiple variants of a campaign, or generate text in natural language along with relevant images. The suite also includes decisioning AI tools that help brands determine which customers should receive a particular message or offer, on which channel, and at what time.
MoEngage currently serves over one thousand three hundred and fifty consumer brands worldwide. Its clients include SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, and Travelodge, as well as prominent Indian household names such as Swiggy, Flipkart, Ola, Airtel, and Tata. About sixty percent of the company’s business comes from traditional enterprises, while the remaining forty percent is from internet-focused firms. The platform also works with more than twenty-five global banks and several large insurers, including JPMorgan Chase, Citibank, and India’s largest insurer, Life Insurance Corporation.
Some of these brands previously used marketing platforms from incumbents such as Adobe, Oracle, and Salesforce. MoEngage has since won over more than three hundred of them, helping drive growth in North America and the EMEA regions.
In one instance, SoundCloud migrated over one hundred and twenty million users to MoEngage within twelve weeks. The company utilized AI-driven insights to accelerate product launches and enhance retention among its paid users.
Several of MoEngage’s customers also relied on multiple point solutions to handle specific tasks. The company helped consolidate those tools into a unified platform to cut costs and streamline marketing operations.
All of its brands, whether a bank or an e-commerce company, leverage MoEngage to unify all their customer data from all the touchpoints. This could include their offline stores, website, mobile app, or other channels.
Without disclosing exact figures, Dodda said MoEngage grew about forty percent year-over-year last year. The company aims to maintain a thirty-five percent compound annual growth rate over the next three years. It also expects to become adjusted EBITDA-positive on a quarterly basis by the end of the current fiscal year.
MoEngage sees companies such as Braze and CleverTap, as well as legacy marketing clouds by Adobe, Oracle, and Salesforce, among its key competitors.
The startup has about eight hundred employees across its fifteen offices worldwide. It plans to expand its workforce, particularly in North America and Europe, by scaling its customer success, support, sales, and marketing teams to deepen its presence in those markets. MoEngage also intends to build additional AI capabilities and hire more talent to support that effort.
MoEngage plans to become IPO-ready within the next couple of years, though a specific timeline for going public was not shared. The company sees an opportunity to build a multi-billion dollar revenue company in its space.