MoEngage secures $100 mn from A91 Partners, Goldman Sachs to fuel expansion plans
The fresh capital will be used to accelerate innovation in its AI-driven platform and to expand its go-to-market and customer success teams supporting its growing global presence.
Mumbai: US-based customer engagement platform MoEngage has raised $100 million from A91 Partners and its existing investor, Goldman Sachs Alternatives, as it looks to further expand its global presence, the companies said in a statement on Wednesday.
“We have gotten to know the MoEngage team over the last six years and have been impressed by their ability to constantly innovate and expand their product offerings. We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships," Kaushik Anand, partner at A91 Partners, said.
This round takes the company’s total funding to over $250 million since its inception in 2014. The company will use the fresh capital to accelerate innovation across its customer engagement platform, with a focus on expanding its AI-related products that help marketing and product teams at B2C brands launch campaigns faster and scale conversions with AI-driven decisioning.
MoEngage will also expand its go-to-market and customer success teams in North America, which has doubled in size over the past year and is now its largest revenue contributor, as well as in EMEA, to support continued growth.
“Our global momentum on top of our category leadership in Asia is a validation that consumer brands are moving beyond legacy marketing clouds. Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI-led agility, achieving time-to-value within weeks of migration. These enterprise migrations have accelerated our growth in the North America and EMEA regions," said Raviteja Dodda, chief executive officer and co-founder, MoEngage. “We are excited to partner with Goldman Sachs and A91 Partners in this journey," he added.
Mint was the first to report in April that the company was preparing for a larger $150-180 million round from new and existing investors at a valuation of $800-850 million, comprising a mix of primary and secondary transactions. The San Francisco-based company is also in the process of relocating its domicile to India, joining a growing list of other startups, such as PhonePe, Razorpay, PineLabs and Groww, that have explored similar moves.
Founded by Yashwanth Kumar and Raviteja Dodda, MoEngage began with the intention of building a customer engagement platform driven by a comprehensive artificial intelligence engine. The company has a presence in about 13 countries and claims to have served more than 1,200 brands, including Ola, ShareChat, BigBasket, Flipkart and Vedantu, according to its official website.
MoEngage competes with other startups such as Clevertap and Capillary in India. In October 2024, Avendus highlighted that the global SaaS market size stands at $275 billion, with about 45% of the contribution coming from the US and about 5% from India. The investment bank estimated that the Indian SaaS market is estimated to grow at about 33% CAGR over the next 4 years, with a growing number of companies emerging across various verticals and horizontals.
While a few have recently gone public, such as RateGain, Zaggle and Unicommerce, many private players, including Zoho, Amagi, Shiprocket, Whatfix, Perfios, Darwinbox, Juspay, MoEngage and Capillary Technologies, are showing promising trends, Avendus said in the report.
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