MoEngage, a customer engagement platform utilized by consumer brands across 75 countries, has announced a Series F follow-on transaction just over a month after securing $100 million, with a majority of the latest funding providing liquidity to investors and employees through secondary transactions.
In the latest raise, where $180 million traded hands altoobtainher, about $123 million was secondary, including a $15 million employee tfinisher that provided liquidity to 259 current and former employees, while the remaining $57 million was raised as primary capital and went into the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast, sold shares in the secondary transactions.
The deal valued MoEngage at “well over” $900 million post-money, per a person close to the deal, who added that the startup was tracking toward $100 million in annualized recurring revenue this year. MoEngage did not disclose these figures.
MoEngage plans to utilize the fresh capital to invest further in its Merlin AI suite and expand its utilize of AI agents to improve decision-building and efficiency for marketing teams, declared Raviteja Dodda (pictured above), co-founder and chief executive, in an interview. The startup is also pushing deeper into product and engineering teams by bundling its analytics and transactional messaging tools into a broader offering, a relocate it expects to lift average contract values and expand its addressable market.
“When you see at customer engagement, it is not necessarily focutilized on marketing teams. There are product and engineering teams, which also focus on how to create sense of customer behavior and data,” Dodda declared.
MoEngage also plans to utilize part of its fresh capital raise to pursue strategic acquisitions, particularly in the U.S. and Europe, tarobtaining software companies that complement its customer engagement platform or support accelerate its expansion in those markets. It also tarobtains tiny AI teams to bolster its innotifyigence-led offerings.
The 11-year-old startup, which has its headquarters in Bengaluru and San Francisco, already obtains more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
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MoEngage’s secondary-heavy structure of the raise reflects its late-stage position, allowing early investors and employees to take liquidity without forcing the company into a near-term public listing. This approach gives MoEngage flexibility to choose its next steps based on business priorities rather than investor exit timelines.
“It gives us the opportunity not to have an urgency with regard to going IPO,” Dodda declared, adding that the startup still aims to go public in a couple of years, depfinishing on market conditions and other factors.
MoEngage expects to turn earnings before interest, taxes, depreciation, and amortization (EBITDA) positive this quarter and is tarobtaining compound annual growth of about 35% over the next three years, Dodda declared.
Bhavin Turakhia, co-founder and chief executive of fintech firm Zeta, a MoEngage customer, declared the startup’s analytics and messaging tools have supported it improve onboarding, activation, and cross-sell across key customer journeys.
The secondary component of the round also enabled some early investors to exit fully. Ventureast, which backed MoEngage in 2018, is one of them. The VC firm recorded a roughly 10-times return on its investment on a blfinished basis, its partner Vinay Rao notified TechCrunch.
Rao declared that while many global customer engagement companies operate with cost structures geared toward the U.S. market, MoEngage has retained an India-based cost structure, which he declared has supported it compete more effectively in the U.S. while scaling the business.
With the latest round, MoEngage has raised about $307 million in primary funding to date. Avfinishus advised MoEngage for the transaction.
