MoEngage Secures Fresh $180M Funding, Boosts Valuation Beyond $900M

MoEngage,​‍​‌‍​‍‌​‍​‌‍​‍‌ which is a customer engagement and analytics platform, has been powering consumer brands across 70+ markets, has made an additional Series F follow-on funding raise of $180 million. The startup just recently raised $100 million, so the total capital raised in this extended round is now around $280 million.

This new round of financing was welcomed by the old and new investors. The session was a close one with ChrysCapital and Dragon Funds leading it. In addition to these two, other investors who wrote the checks were: Schroders Capital, TR Capital and B Capital. Most of this help, almost $123 million, was for secondary transactions that allowed the early investors and employees to sell the shares and realize some liquidity. Part of that available shares included a $15 million employee tender exercise.

The post-money valuation of MoEngage after this round is around the billion-dollar mark. This is an indication of the belief the company’s performance and their business model gives to the investors which is based on the fact that the company helps brands leverage data, AI, and automation to understand customers and run personalized campaigns across channels.

Even though some of the money raised was for secondary sales, there was also about $57 million that was directly invested in the business to support operations and growth initiatives. MoEngage will leverage this injection to advance its AI capabilities, especially in the area of the Merlin AI suite, and to grow the product development and engineering teams. They also want to engage in strategic acquisitions in the U.S. and Europe that can be easily integrated with their customer engagement platform.

MoEngage is on track for a high revenue run rate and plans to make moves that will expand its market presence. The company’s management has stated that it plans to be open to going public at any time but will focus on growth and profitability ​‍​‌‍​‍‌​‍​‌‍​‍‌first.