SaaS firm MoEngage raises $100 million led by Goldman Sachs Alternatives, A91 Partners

Customer engagement platform MoEngage has raised $100 million in a fresh funding round led by Goldman Sachs Alternatives and A91 Partners, as the company doubles down on its AI-driven marketing and North American expansion.

With this investment, MoEngage’s total funding now exceeds $250 million.

In July, Moneycontrol was the first to report that MoEngage was in talks to raise $200 million in a new funding round, led by ChrysCapital, with participation from A91 partners and existing investor Goldman Sachs.

The company in a media statement on November 5 said the fresh capital will be used to accelerate innovation in AI marketing agents, scale product development, and strengthen go-to-market efforts in key regions, particularly North America.

Over the past year, MoEngage’s North American business has doubled in size, now contributing the largest share of the company’s revenue. The platform is seeing growing adoption among enterprises seeking alternatives to legacy marketing clouds, with demand driven by the shift toward automation and AI-personalised engagement.

While the primary component will go towards paying tax to flip back from the US to India, the secondary component will be used to buy shares from some of its early investors, per a source.

While the valuation is still working in progress, the round will likely be closed with a valuation of $750-800 million.

Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage helps consumer brands analyse user behaviour and deliver targeted, multi-channel marketing campaigns across mobile, email, web, and social platforms.

“We’re at an inflection point where AI can fundamentally transform how brands understand and engage with their customers,” said Raviteja Dodda, co-founder and CEO of MoEngage. “This investment allows us to deepen our AI capabilities and bring next-generation marketing agents to enterprises globally.”

The company counts firms like Flipkart, Airtel, Nestlé, and Deutsche Telekom among its clients and operates across markets including India, Southeast Asia, the Middle East, Europe, and the US.

The new round also comes amid MoEngage's plans to relocate headquarters from San Francisco to India, amid a broader trend of startups shifting their legal base back to the country to capitalise on the booming domestic IPO market. The cost of this flip is expected to be $100 million .