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MoEngage raises $77 million from Goldman Sachs, B Capital, others

MoEngage says it has grown its annualised recurring revenue by more than 105 percent In the last 12 months, and has added 500 new customers. It has also doubled its headcount to more than 650.

June 01, 2022 / 06:16 PM IST

MoEngage, an insights-led customer engagement Saas (software-as-a-service) platform, has raised $77 million as a part of its Series E funding round led by Goldman Sachs Asset Management and B Capital, the company said in a statement on June 1.

The funding round also saw participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India, the company said. MoEngage did not reveal the valuation at which it raised the round.

MoEngage said it will use the funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets. The company will also expand in new markets like Latin America and Australia. MoEngage said it will also use the funds to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.

With the latest fundraise, MoEngage has raised close to $140 million to date over the last 12 months. With the latest round, Goldman Sachs Asset Management marked its first investment in an Indian SaaS company.

“We anticipate the continued expansion of the marketing automation and analytics industry. As companies seek to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value,” said Rajat Sood, a Managing Director at Goldman Sachs Asset Management.

In the last 12 months, MoEngage said it has grown its annualised recurring revenue (ARR) by more than 105 percent, and claimed that it added 500 new customers. MoEngage also doubled its headcount to more than 650. The company claimed to have a very healthy annualised net revenue retention of over 135 percent.

“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-led multi-channel approach to customer engagement,” said Raviteja Dodda, Co-Founder and chief executive officer, MoEngage.

“We now have 1200+ customers in 35 countries and 650+ global employees across our offices in the US, the UK, Germany, the UAE, India, Indonesia, Singapore, Vietnam, Malaysia, the Philippines, and Thailand. We are thrilled to welcome Goldman Sachs Asset Management and B Capital on our journey,” Dodda noted.

Dodda also claimed that MoEngage has over 500 customers in the country, including Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, and Navi, among others. Dodda said the company has built several product features specifically for the Indian market.

“We will continue investing in India and will soon open offices in Delhi, Mumbai, and Hyderabad to better support our customers and tap into talent outside Bangalore,” Dodda added.

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Nikhil Patwardhan