MoEngage, a customer engagement platform that works with consumer brands in 75 countries, announced that it has raised new funding led by existing investor Goldman Sachs Alternatives to accelerate global growth and bring more AI to the platform.
Overall, $100 million in stock just traded as part of MoEngage’s Series F round, split approximately 60% primary and 40% secondary. The funding marks the entry of Indian venture firm A91 Partners as a new investor, co-leading the round with Goldman Sachs Alternatives. MoEngage says it has now raised a total of $250 million.
As consumer brands increasingly rely on digital channels to reach customers, the competition for attention is increasing. This forces companies to leverage the customer data they already have to deliver more personalized marketing. While established marketing platforms continue to serve this space, brands are now looking for AI-powered tools that can automate decision-making and reduce manual effort. MoEngage establishes itself in this space with its Merlin AI suite, helping marketing and product teams launch campaigns faster and improve targeting efficiency.
Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, said in an interview:
The 11-year-old startup spent its first seven years primarily focused on India and Southeast Asia. Over the past four years, the company has expanded into new markets, particularly North America, which now accounts for more than 30% of its revenue, Dodda told TechCrunch. About 25% of the business comes from Europe and the Middle East, and the remaining 45% comes from India and Southeast Asia.
Goldman Sachs’ support for this financing will help MoEngage further strengthen its global presence. The investment bank also co-led the startup’s $77 million Series E round with B Capital in June 2022.
“Today’s investors know the most about the company, the good and the bad, about the company’s performance,” Dodda said. “(Goldman Sachs) leading the round is strong validation of our fundamentals.”
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Over the past couple of years, MoEngage has invested heavily in generative AI and decision-making AI capabilities. These efforts are reflected in the company’s Merlin AI suite, which Dodda said includes a variety of AI agents built for marketing use cases.
Some of these agents function like copywriters, helping consumer brands draft marketing messages, create multiple variations of campaigns, and generate text in natural language along with relevant images. Dodda said the suite also includes decision-making AI tools that help brands decide which customers should receive specific messages and offers, on which channels and when.
MoEngage currently serves more than 1,350 consumer brands across the world, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, Travelodge, as well as prominent brands in India, including Swiggy, Flipkart, Ola, Airtel, and Tata. Approximately 60% of the company’s business comes from traditional companies and the remaining 40% from Internet-focused companies. The platform also works with over 25 global banks and several leading insurance companies, including JPMorgan Chase, Citibank, and India’s largest insurance company, Life Insurance Company (LIC).
Some of these brands previously used marketing platforms from established companies such as Adobe, Oracle, and Salesforce. Since then, MoEngage has added over 300 customers and helped drive growth in North America and the EMEA region.
Hope Barrett, SoundCloud’s senior director of martech, said SoundCloud has used AI-driven insights to accelerate product launches and increase paying user retention, in one case moving more than 120 million users to MoEngage within 12 weeks.
Some of MoEngage’s customers also relied on multipoint solutions to handle certain tasks. The company consolidated these tools into a unified platform that helped reduce costs and streamline marketing operations.
“If you look at all of our brands, whether they’re banks or e-commerce companies, they’re leveraging MoEngage to unify all their customer data from every touchpoint. It could be an offline store, a website, a mobile app (or any other channel),” Dodda told TechCrunch.
Although he did not provide exact numbers, Dodda said MoEngage grew around 40% year-on-year last year and aims to maintain a compound annual growth rate (CAGR) of 35% over the next three years. The company also expects to achieve positive adjusted EBITDA on a quarterly basis by the end of this fiscal year.
MoEngage counts companies like Braze and CleverTap as well as traditional marketing clouds like Adobe, Oracle, and Salesforce as its main competitors.
The startup has about 800 employees in 15 offices around the world. The company plans to grow its headcount by expanding its customer success, support, sales and marketing teams, particularly in North America and Europe, and increasing its presence in these markets. MoEngage also plans to build additional AI capabilities and hire more talent to support its efforts.
MoEngage plans to be ready for an IPO within the next few years, Dodda told TechCrunch, but did not provide a specific timeline for the initial public offering.
“We see an opportunity to build a multibillion-dollar revenue company in our space,” he said.
