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MoEngage raises $30mn funding from Steadview Capital, others

MoEngage raises $30mn funding from Steadview Capital, others

Funding News

MoEngage raises $30mn funding from Steadview Capital, others

MoEngage, an insights-led customer engagement platform, on Tuesday said it has raised USD 30 million (about Rs 226.3 crore) in funding, led by Steadview Capital.

The series D round also saw participation from the company’s existing investors, Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners, a statement said. The funds have been raised at double the valuation from its earlier Series C1 investment of USD 32.5 million in July, it added.

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MoEngage will continue to invest in AI powered and insights driven cross-channel engagement solutions, the statement said. With MoEngage marketers in consumer brands can gain deep insights into their customer behavior, likes, preferences, journeys and then meaningfully engage them with contextual cross-channel communications across the customer lifecycle.

“Our vision is to create the most trusted customer engagement platform that enables brands to personalize every customer interaction. This growth and funding is validation of our vision and product innovation – particularly, Sherpa, our AI Engine, has been a game changer,” MoEngage co-founder and Chief Executive Officer Raviteja Dodda said.

Sherpa, by MoEngage, allows marketers and product owners to gain visibility into customer behaviour, their likes, their channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys and other areas. Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle – and orchestrate contextual communication campaigns across the website, mobile app, push notifications, email, WhatsApp, and retargeting.

The additional capital will also be used to further accelerate growth, the statement said. The company has scaled rapidly in the last 12 months and has doubled its headcount to 450 employees globally. It recently opened offices in Boston, London, Berlin and Ho-Chi Minh City and will continue to invest in growing its team, the partnership ecosystem and the #GROWTH community programme, the statement added.

The company has seen its annualised recurring revenue (ARR) growing over 120 per cent in the last 12 months, while it has onboarded 350 new customers, including enterprise brands such as Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare and The Body Shop as well as digital-first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy and SWVL.

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