Marketing Automation Platform MoEngage Grows 200% in FY18; Targets $25M ARR By 2020
Backed by Helion and Exfinity Ventures, intelligent marketing cloud software provider MoEngage Registers a 3X recurring revenue growth in the last one year; Facilitates 12+ billion messages and 30+ billion events for customers.
MoEngage, a marketing automation company has experienced a hockey stick growth in the last financial year. The AI-based engagement platform has grown by 200% over the past financial year and is targeting an annual recurring revenue of $25M by 2020. Within four years of inception, the company's international market has grown over 10X with new offices in key markets such as Jakarta and Berlin, along with the existing offices in San Francisco & Bengaluru. More than 65% of the company's revenue comes from its key markets that include Europe and Middle-East, North America and South-East Asia.
In an industry that is crowded with big-name vendors offering web-focussed 'me-too' solutions, MoEngage has revolutionized marketing automation by providing AI-powered multi-channel journey design capabilities. The MoEngage Intelligent Marketing Cloud today analyzes more than 30 billion mobile interactions every month, enabling consumer brands to boost user engagement, retention and conversion rates. The analytics give marketers unprecedented insights into the customer psyche, while the company's robust AI technology optimizes engagement by identifying the right user for the intended message. Consequently, the company reaches over 200 million users each day while delivering over 12 billion+ interactions every month.
IIT Kharagpur alumnus Raviteja Dodda and Yashwanth Kumar founded MoEngage in 2014 with an aim to disrupt an industry virtually untouched by technologies such as AI, and Dynamic Product Messaging. With AI at its core, MoEngage uses Sherpa Interaction Graph, a set of machine-learning algorithms that consistently maps each user’s behavior with the pages, products, and brands they visit or shop from, to deliver the right engagement in real-time.
Commenting on the differentiator that sets MoEngage apart from other players, Raviteja Dodda, CEO, MoEngage, said, “Traditional marketing clouds are natively built for the desktop web, rule-based with no intelligence. They often rely on cumbersome integrations with acquired tools that don’t work smoothly together. Using MoEngage, companies can orchestrate campaigns across desktop web and mobile channels like push, email, in-app, web push and SMS, from one integrated platform, with auto-optimization towards higher conversions powered by AI.”
Innovations Lead the Way - A New Feature Every Quarter
It is not just in the AI space that the company has pioneered. The platform is also a pioneer in building the best-in-class push notification delivery platform called Push Amplification, a ripe example of customer problem-oriented approach to product. For the uninitiated, push notification delivery is a common concern for marketers across the world. “Due to device and OS-level limitations, mobile apps sometimes fail to deliver push notifications leading to a drop in marketing performance. MoEngage Push Amplification has ensured a push delivery success rate of up to 80%, which is unheard of in the industry,” said, Nalin Goel, Director of Product, MoEngage.
The company recently entered the league of technology behemoths such as Facebook and Google with the launch of Dynamic Product Messaging (DPM), a feature that lets businesses send the most relevant product recommendations to users. The use cases extend beyond product recommendations to include content recommendations, price drop alerts, etc. Several brands have been able to successfully target and convert 10% of the browse and cart abandoners into customers by using DPM.
MoEngage is funded by Helion Partners, Exfinity Ventures, and Anand Chandrasekaran. The SaaS startup is the only company from the APAC region to be recognized by Gartner in their Magic Quadrant for Mobile Marketing Platforms. This is the second such recognition for MoEngage, after being named a “Cool Vendor” by Gartner in 2017.
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