MoEngage raises $77 mn from Goldman Sachs and B Capital
- MoEngage will use the capital to expand its footprint in the US, Europe, Asia and the Middle-East, besides entering new markets like Latin America and Australia
Customer analytics and cross-channel engagement platform MoEngage has raised $77 million ( ₹596 crore) in Series E funding led by Goldman Sachs Asset Management and B Capital. Existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures and Matrix Partners India also participated in the round.
This is Goldman Sachs Asset Management’s first bet in an Indian software-as-a-services (SaaS) company.
MoEngage will use the capital to expand its footprint in the US, Europe, Asia and the Middle-East, besides entering new markets like Latin America and Australia. It will also explore strategic acquisitions to expand its capabilities and provide more value to customers. The Bengaluru-based company had raised $32.5 million in July and another $30 million in December.
“Consumer brands are moving beyond campaign-centric tools and adopting an insights-led multi-channel approach to customer engagement,” said MoEngage chief executive Raviteja Dodda.
Its centralised behavioural analytics, insights and marketing automation allow customers to engage with their clients across channels and personalise touchpoints. Its customers include Sharechat, Flipkart, Byju’s, Domino’s, IIFL, Ola, Airtel, Ujjivan Bank and Navi.
“We have over 1,200 customers across 35 countries and 650-plus global employees in our offices in India, the US, the UK, Germany, the UAE, Indonesia, Singapore, Philippines, Vietnam, Malaysia and Thailand,” Dodda, a former Cisco Systems executive.
MoEngage was founded by Doda and Yashwanth Kumar in 2014. Earlier the duo had co-founded Pipal Tech Ventures, a tech firm focussed on developing mobile, social and location-based products.
The company plans to open offices in Delhi, Mumbai and Hyderabad to offer better support to customers and tap into the talent pool outside Bengaluru. In the last 12 months, its annualized recurring revenue (ARR) grew more than 105%. It added 500 clients.
“We anticipate a continued expansion of marketing automation and analytics.... MoEngage’s leading platform offers marketers insightful, real-time data...,” said Rajat Sood, managing director Goldman Sachs Asset Management.
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First Published:2 Jun 2022, 01:22 AM IST
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