MoEngage, a customer engagement platform that works with consumer brands across 75 countries, says it has raised new funding led by its existing investor, Goldman Sachs Alternatives, to boost global growth and inject more artificial intelligence into its platform.
All told, $100 million in shares just traded hands, split about 60% primary and 40% secondary, as part of MoEngage’s Series F round. The round marks the entry of the Indian venture firm A91 Partners as a new investor. According to MoEngage, it has now raised $250 million in funding.
As consumer brands increasingly rely on digital channels to reach customers, the competition for attention has intensified. This has pushed companies to use the customer data they already have to deliver more personalized marketing. While established marketing platforms continue to serve this space, brands are now looking to AI-powered tools that can automate decision-making and reduce manual work. MoEngage is positioning itself in this segment with its Merlin AI suite, which helps marketing and product teams launch campaigns faster and improve targeting efficiency.
“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, said in an interview.
The 11-year-old startup spent its first seven years focusing largely on India and Southeast Asia. Over the past four years, it has expanded its reach into new markets, particularly North America, which now contributes 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% from India and Southeast Asia.
Goldman Sachs’ backing in the latest funding will help further strengthen MoEngage’s global presence. The investment bank also co-led the startup’s $77 million Series E round with B Capital in June 2022.
“The current investors know the most about the company in terms of how the company is doing, and they know everything good and bad,” Dodda said. “[Goldman Sachs] leading the round is a strong validation of our founding principles.”
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Over the past two to three years, MoEngage has invested heavily in generative AI and decision-making AI capabilities. Those efforts are reflected in its Merlin AI suite, which Dodda said includes a series of AI agents built for marketing cases.
Some of these agents act as copywriters, helping consumer brands craft marketing messages, create multiple variations of a campaign, or generate natural language text alongside relevant images. The suite also includes AI decision-making tools that help brands determine which customers should receive a particular message or offer, on which channel and at what time, Dodda said.
MoEngage currently serves over 1,350 consumer brands worldwide, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, as well as prominent Indian household names such as Swiggy, Flipkart, Ola, Airtel and Tata. About 60% of the company’s business comes from traditional businesses, while the remaining 40% is from Internet-focused businesses. The platform also works with more than 25 global banks and several major insurance companies, including JPMorgan Chase, Citibank and India’s largest insurer, Life Insurance Corporation (LIC).
Some of these brands previously used marketing platforms from established companies such as Adobe, Oracle and Salesforce. MoEngage has since won more than 300 of them, helping drive growth in the North America and EMEA regions.
In one case, SoundCloud migrated over 120 million users to MoEngage within 12 weeks, using AI-powered insights to accelerate product launches and increase retention among its paid users, said Hope Barrett, senior director of martech at SoundCloud.
Several of MoEngage’s customers also relied on multiple point solutions to handle specific tasks. The company helped consolidate these tools into a unified platform to reduce costs and streamline marketing operations.
“If you look at all our brands, whether it’s a bank or an e-commerce company, they’re leveraging MoEngage to bring together all their customer data from every touchpoint. It could be their offline stores, website, mobile app [or other channels],” Dodda told TechCrunch.
Without disclosing exact figures, Dodda said MoEngage grew around 40% year-on-year last year and aims to maintain a 35% compound annual growth rate (CAGR) over the next three years. The company also expects to be adjusted EBITDA positive on a quarterly basis by the end of the current fiscal year.
MoEngage sees companies like Braze and CleverTap as well as legacy marketing clouds from Adobe, Oracle and Salesforce among its main competitors.
The startup has around 800 employees in its 15 offices worldwide. It plans to expand its workforce, particularly in North America and Europe, by scaling its customer success, support, sales and marketing teams to deepen its presence in these markets. MoEngage also intends to build additional AI capabilities and hire more talent to support these efforts.
MoEngage plans to be IPO-ready within the next few years, Dodda told TechCrunch, without sharing a specific timeline for going public.
“We see an opportunity to build a multi-billion dollar revenue company in our space,” he said.