MoEngagethe customer engagement platform that works with consumer brands in 75 countries says it has raised new financing led by its current investor, Goldman Sachs Alternatives, to speed up global growth and bring more artificial intelligence to its platform.
A complete of $100 million price of shares just traded, split between roughly 60% primary and 40% secondary in MoEngage’s Series F round. The financing marks the entry of Indian enterprise firm A91 Partners as a new investor co-leading the round with Goldman Sachs Alternatives. According to MoEngage, a total of $250 million in funding has already been raised.
As consumer brands increasingly rely on digital channels to reach customers, competition for attention has intensified. This has forced corporations to use the customer data they already have to deliver more personalized marketing. While established marketing platforms proceed to serve this space, brands are now looking to AI-powered tools that may automate decision-making and reduce manual labor. MoEngage positions 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 with customers more effectively 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 mainly on India and Southeast Asia. Over the past 4 years, it has expanded its reach into new markets, especially North America, which now accounts for greater than 30% of its revenue, Dodda told TechCrunch. About 25% of the business comes from Europe and the Middle East, with the remaining 45% from India and Southeast Asia.
Goldman Sachs’ support in this latest financing will help further strengthen MoEngage’s global presence. The investment bank also co-led the startup $77 million Series E round together with B Capital in June 2022.
“Current investors know the most about the company in terms of its performance, they know everything that’s good and what’s bad,” Dodda said. “[Goldman Sachs] leading the round is a strong confirmation of our fundamentals.”
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Over the past two to three years, MoEngage has made significant investments in generative AI and AI decision-making capabilities. These efforts are reflected in the Merlin AI suite, which Doddy says includes a range of AI agents built for marketing applications.
Some of those agents act as copywriters, helping consumer brands develop marketing messages, create multiple campaign variants, or generate natural language text with relevant images. The suite also includes AI decision-making tools that help brands determine which customers should receive a specific message or offer, on which channel and at what time, Dodda said.
MoEngage currently serves over 1,350 consumer brands globally, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, in addition to leading Indian brands comparable to Swiggy, Flipkart, Ola, Airtel and Tata. About 60% of the company’s business comes from brick-and-mortar businesses and the remaining 40% comes from online businesses. The platform also works with over 25 global banks and several large insurers, including JPMorgan Chase, Citibank and India’s largest insurer, Life Insurance Corporation (LIC).
Some of those brands previously used marketing platforms from operators comparable to Adobe, Oracle and Salesforce. Since then, MoEngage has acquired over 300 of them, helping to drive growth in North America and EMEA.
In one case, SoundCloud moved greater than 120 million users to MoEngage in 12 weeks, using AI-powered insights to speed up product time to market and increase retention among paid users, said Hope Barrett, senior director of martech at SoundCloud.
Several MoEngage customers also relied on multipoint solutions to handle specific tasks. The company helped consolidate these tools into a unified platform to reduce costs and streamline marketing efforts.
“If you look at all of our brands, whether it’s a bank or an e-commerce company, they use MoEngage to unify all their customer data from all touchpoints. It may very well be their offline stores, their website, their mobile app [or other channels]” – Dodda told TechCrunch.
Without disclosing exact numbers, Dodda said MoEngage grew about 40% year-over-year last yr and goals to maintain a compound annual growth rate (CAGR) of 35% for the next three years. The company also expects to achieve positive adjusted EBITDA on a quarterly basis by the end of the current fiscal yr.
MoEngage’s key competitors include corporations like Braze and CleverTap, in addition to legacy marketing clouds Adobe, Oracle and Salesforce.
The startup employs roughly 800 employees in 15 offices around the world. It plans to expand its workforce, particularly in North America and Europe, adding to its customer success, support, sales and marketing teams to deepen its presence in these markets. MoEngage also intends to build additional artificial intelligence capabilities and hire more talent to support these efforts.
Dodda told TechCrunch that MoEngage plans to prepare for an IPO in the next few years, without providing a specific timeline for going public.
“We see an opportunity to build a company with multi-billion revenues in our space,” he said.