MoEngage’s Series F swells to $280 mn, eyes AI expansion and acquisitions
MoEngage has secured an additional $180 million in Series F funding, bringing the total to $280 million. The investment will support its AI product development and expand operations in North America and Europe.
Customer engagement platform MoEngage has raised an additional $180 million as part of its Series F funding round led by ChrysCapital and Dragon Funds, with participation from Schroders Capital, it said in a statement on Wednesday.
Existing investors TR Capital and B Capital also invested, it added. The fundraise follows the $100 million the company raised in November 2025, taking the total Series F capital to $280 million.
MoEngage said it will use the capital to invest in its Merlin AI product suite, expand go-to-market teams in North America and Europe, and evaluate acquisitions.
“At MoEngage, we believe our success is a collective effort, built on a culture of ownership and innovation. It is vital that we recognize the people who brought us to this stage," Raviteja Dodda, chief executive officer and co-founder, MoEngage, said in the statement.
“This liquidity program reflects that commitment by ensuring that the builders of MoEngage, our employees, and early investors have the opportunity to directly share in the milestones we achieve together. We are grateful for the partnership of ChrysCapital, Dragon Funds, Schroders Capital, TR Capital, and B Capital as we continue to scale globally."
Investors back AI-led growth
“ChrysCapital is excited to partner with MoEngage for its next phase of AI-led growth," said Rishabh Iyer, vice-president at ChrysCapital. “This investment aligns with our strategy to back technology platforms built in India for global enterprises. We are impressed by MoEngage’s disciplined operating model, sustained execution in the US, and broad product capabilities."
The company also completed its second employee share buyback, worth about $15 million, benefiting 259 current and former employees. The round included secondary transactions for early investors such as Eight Roads Ventures, Helion Venture Partners, Z47 and Ventureast.
Targeting product and marketing
Founded in 2014, MoEngage provides a customer engagement platform that helps consumer-facing companies analyse user behaviour and engage customers across channels such as mobile apps, web, email, and messaging.
The company has raised close to $422 million since inception, according to Tracxn.
MoEngage recently expanded its focus beyond marketing teams to target product teams. It introduced MoEngage Analytics and MoEngage Inform to place marketing and product teams on a shared data platform.
MoEngage Inform handles transactional messages such as OTPs, account alerts, and service updates through a single API (application programming interface), separate from marketing campaigns. MoEngage Analytics combines behavioural data with engagement tools, allowing product teams to analyse user actions and trigger messages aimed at improving retention.
The company said it works with more than 1,350 consumer brands across 75 countries and reaches over 2 billion customers every month.
Dragon Funds said the company’s product development and growth profile supported its investment thesis.
“We are pleased to partner with MoEngage, impressed by its strong management, continuous product innovation, and durable growth," said Ridhi Chaudhary, chief investment officer at Dragon Funds. “We believe MoEngage’s product and AI capabilities position it well within the marketing technology category."
Avendus Capital acted as the exclusive financial advisor to MoEngage and its shareholders.
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