MoEngage raises $77 million from Goldman Sachs and B Capital

Cross-channel customer analytics and engagement platform MoEngage has raised $77 million ( 596 crore) in a Series E funding led by Goldman Sachs Asset Management and B Capital. Existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures and Matrix Partners India also participated in the round.

This is Goldman Sachs Asset Management’s first bet in an Indian software-as-a-service (SaaS) company.

MoEngage will use the capital to expand its presence in the United States, Europe, Asia and the Middle East, in addition to entering new markets such as Latin America and Australia. It will also explore strategic acquisitions to expand its capabilities and deliver more value to customers. The Bengaluru-based company had raised $32.5 million in July and another $30 million in December.

“Consumer brands are moving beyond campaign-centric tools and taking a multi-channel, information-driven approach to customer engagement,” said MoEngage chief executive Raviteja Dodda.

Its centralized behavioral analytics, insights, and marketing automation empower clients to engage with customers across all channels and personalize touchpoints. Its clients include Sharechat, Flipkart, Byju’s, Domino’s, IIFL, Ola, Airtel, Ujjivan Bank and Navi.

“We have over 1,200 customers in 35 countries and over 650 employees globally in our offices in India, USA, UK, Germany, UAE, Indonesia, Singapore, Philippines, Vietnam, Malaysia and Thailand,” said Cisco alumnus Dodda. Systems Executive.

MoEngage was founded by Doda and Yashwanth Kumar in 2014. Previously, the duo co-founded Pipal Tech Ventures, a technology company focused on developing mobile, social and location-based products.

The company plans to open offices in Delhi, Mumbai and Hyderabad to provide better customer support and tap into the talent pool outside of Bengaluru. Over the past 12 months, its annualized recurring revenue (ARR) has increased by more than 105%. He added 500 customers.

“We anticipate continued expansion of marketing automation and analytics… MoEngage’s industry-leading platform provides marketers with real-time, insightful data…” said Rajat Sood, Managing Director of Goldman Sachs Asset Management.

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