MoEngage, the insights-led customer engagement platform, today announced that it has raised USD 77 million in Series E funding led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is Goldman Sachs Asset Management’s first investment in an Indian SaaS company.
This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021.
MoEngage will use the additional funds to deepen its geographic footprint in the U.S., Europe, Asia, and Middle-East markets and also expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
Raviteja Dodda, Co-Founder and CEO of MoEngage says “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”
Dodda adds, “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”
Rajat Sood, a Managing Director at Goldman Sachs Asset Management, said: “We anticipate the continued expansion of the marketing automation and analytics industry. 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. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company.”
“We are excited to welcome MoEngage to our growing portfolio of cross-border SaaS investments. 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 1 billion users on the platform globally. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,” said Kabir Narang, Founding General Partner at B Capital Group.