Customer analytics startup MoEngage on December 7 said that it has raised $30 million led by Steadview Capital, doubling its valuation to about $500 million in six months.
While MoEngage said its valuation has doubled, it declined to comment on the valuation. Existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners India invested as well.
Founded in 2014, MoEngage helps companies measure customer engagement and analyse metrics in order to improve it, which may help companies formulate their marketing and data strategy. Like most software-as-a-service companies, it works on a subscription model, where companies pay a recurring fee for their services.
Its customers include Future Retail, Byju’s, Sharechat, Dominos Pizza, Indonesian e-commerce firm Tokopedia and crypto exchange CoinDCX among others.
In July it had raised $32.5 million led by Multiples. Its revenue has doubled in the last 12 months, although it didn’t say how much its revenue currently is.
"Our vision is to create the most trusted customer engagement platform that enables brands to personalise every customer interaction,” said Raviteja Dodda, Co-Founder and CEO of MoEngage.
Dodda said Sherpa, the company’s Artificial Intelligence engine, is a game changer. Sherpa allows marketers to gain visibility into customer behaviour, their likes, their channel preferences, the optimal frequency and timing of messages. Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle
“MoEngage has helped us engage our customers contextually based on their shopping habits and behaviour. We have seen significant uplifts in customer engagement and lifetime value. We feel confident that with the deep domain experience and algorithms that MoEngage brings to the table, we will be able to drive better experience for our customers,” said Mahadevan Iyer, Senior Vice President - Group CRM & Analytics, Landmark Group, India.
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