[Funding alert] MoEngage raises $77M in Series E led by Goldman Sachs Asset Management & B Capital

San Francisco and Bengaluru-based insights-led customer engagement platform, Moengage, on Wednesday announced that it has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital. Existing investors including Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India also participated in the round. This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021.

This is Goldman Sachs Asset Management’s first investment in an Indian SaaS company. 

As per an official release, MoEngage will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets and also expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.  

Raviteja Dodda, Co-founder and CEO of MoEngage said,

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

“We are the leading customer engagement platform in India. We have 500+ customers in the country, including Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, Navi, and more. We have built several product features specifically for the Indian market. For instance, we pioneered Push Amplification Plus, a trademark feature that provides the best delivery rates for push notifications in India. 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 Bengaluru,” Dodda added.

The platform claims that, in the last 12 months, MoEngage has grown annualised recurring revenue (ARR) by more than 105 percent, added 500 new customers, and doubled its headcount to more than 650.

Rajat Sood, Managing Director at Goldman Sachs Asset Management, said, 

“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.”

“MoEngage is an AI-first platform helping companies retain customers and give insights on user journeys across channels. It helps companies engage and retain over 1 billion users on the platform globally,” added Kabir Narang, Founding General Partner at B Capital Group.