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MoEngage raises $77 mn in funding led by Goldman Sachs and B Capital

MoEngage raises $77 mn in funding led by Goldman Sachs and B Capital

This is Goldman Sachs Asset Management’s first investment in an Indian Software as a Service (SaaS) company.

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Customer engagement platform MoEngage, on Wednesday, announced that it has raised $77 million in Series E funding, led by Goldman Sachs Asset Management and B Capital. This is the third funding round of the company in the last 12 months as it has already raised $32.5 million in July and $30 million in December 2021.

Raviteja Dodda, Co-Founder and CEO of MoEngage, in a public statement, said “Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. We now have 1200+ customers in 35 countries and 650+ global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand. We are thrilled to welcome Goldman Sachs Asset Management and B Capital on our journey”

MoEngage also stated that it will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets and will also expand in new markets like Latin America and Australia. The company will also use the funds to explore strategic acquisitions and scale up its research capabilities.

“We are the leading customer engagement platform in India. We have 500+ customers in the country, including Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, Navi, and more. We have built several product features specifically for the India Market. For instance, we pioneered Push Amplification Plus, a trademark feature that provides the best delivery rates for push notifications in India. We will continue investing in India and will soon open offices in Delhi, Mumbai, and Hyderabad to better support our customers and tap into talent outside Bangalore,” Dodda added.

This is Goldman Sachs Asset Management’s first investment in an Indian Software as a Service (SaaS) company.

Rajat Sood, MD, Goldman Sachs Asset Management, said, “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.”

MoEngage’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India also participated in the latest funding.

In the last 12 months, MoEngage’s annualised recurring revenue (ARR) has grown over 105 per cent. The company has also added 500 new customers and doubled its headcount to 650, the statement added. MoEngage’s annualised net revenue retention rate stands at over 135 per cent.

Kabir Narang, founding general partner at B Capital Group, said, “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.”

Currently, MoEngage has more than 1,200 customers across 35 countries.