[Funding alert] MoEngage raises $30M in Series D led by Steadview Capital

Bengaluru-based insights-led customer engagement platform Moengage on Tuesday said that it has raised Series D funding of $30 million, at double the valuation from its earlier Series C1 investment of $32.5 million in July. 

This round was led by Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners. 

MoEngage said it will continue to invest in AI powered and insights driven cross-channel engagement solutions.

"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. “This growth and funding is validation of our vision and product innovation - particularly, Sherpa, our AI Engine, has been a game changer.” 

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[Funding alert] MoEngage raises $32.5M from Multiples Alternate Asset Management, others

The capital will also be used to further accelerate growth. The company claims to have 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 program. 

"Delivering a personalised customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers," said Ravi Mehta, Founder and CIO of Steadview Capital.

In the last 12 months, MoEngage’s Annualised Recurring Revenue (ARR) has grown over 120 percent and onboarded 350 new customers, including enterprise brands such as Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop as well as digital first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy and SWVL.

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 more. 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. Consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month.