MoEngage, a customer engagement platform used by consumer brands across 75 countries, has raised $180 million in a Series F follow-on round. This comes just over a month after the company secured $100 million. A majority of this latest funding provided liquidity to investors and employees through secondary transactions.
In the latest raise, about $123 million was secondary. This included a $15 million employee tender that provided liquidity to 259 current and former employees. The remaining $57 million was raised as primary capital and went directly into the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast, sold shares in the secondary transactions.
The deal valued MoEngage at well over $900 million post-money, according to a person close to the deal. That person added that the startup was tracking toward $100 million in annualised recurring revenue this year. MoEngage did not publicly disclose these figures.
MoEngage plans to use the fresh capital to invest further in its Merlin AI suite and expand its use of AI agents. This aims to improve decision-making and efficiency for marketing teams, said co-founder and chief executive Raviteja Dodda. The startup is also pushing deeper into product and engineering teams by bundling its analytics and transactional messaging tools into a broader offering. This move is expected to lift average contract values and expand its addressable market.
“When you look at customer engagement, it is not necessarily focused on marketing teams. There are product and engineering teams, which also focus on how to make sense of customer behavior and data,” Dodda said.
MoEngage also plans to use part of the new capital to pursue strategic acquisitions, particularly in the U.S. and Europe. It is targeting software companies that complement its customer engagement platform or help accelerate its expansion in those markets. It also aims to acquire small AI teams to bolster its intelligence-led offerings.
The 11-year-old startup, which has its headquarters in Bengaluru and San Francisco, already gets more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
MoEngage’s secondary-heavy raise reflects its late-stage position. This structure allows early investors and employees to take liquidity without forcing the company into a near-term public listing. This approach gives MoEngage flexibility to choose its next steps based on business priorities rather than investor exit timelines.
“It gives us the opportunity not to have an urgency with regard to going IPO,” Dodda said, adding that the startup still aims to go public in a couple of years, depending on market conditions.
MoEngage expects to turn earnings before interest, taxes, depreciation, and amortisation positive this quarter. It is targeting compound annual growth of about 35% over the next three years, according to Dodda.
Bhavin Turakhia, co-founder and chief executive of fintech firm Zeta, a MoEngage customer, said the startup’s analytics and messaging tools have helped it improve onboarding, activation, and cross-sell across key customer journeys.
The secondary component of the round also enabled some early investors to exit fully. Ventureast, which backed MoEngage in 2018, is one of them. The VC firm recorded a roughly 10-times return on its investment on a blended basis, according to its partner Vinay Rao.
Rao said that while many global customer engagement companies operate with cost structures geared toward the U.S. market, MoEngage has retained an India-based cost structure. He said this has helped it compete more effectively in the U.S. while scaling the business.
With the latest round, MoEngage has raised about $307 million in primary funding to date. Avendus advised MoEngage for the transaction.