• MoEngage’s Insights-Led Customer Engagement platform has registered a 2x growth in business and has doubled its global headcount in 2021

Dubai: MoEngage, the insights-led customer engagement platform, today announced that it has raised USD 77 million in Series E funding led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. 

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.

MoEngage will use the additional funds to deepen its geographic footprint in the U.S., 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 says “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” 

Dodda adds, “We are the leading multi-channel customer engagement platform in the Middle East. We ramped up our investments in local sales, support, and partnership functions in the last 24 months. We doubled our headcount and onboarded 15 local partners who offer consulting and supporting services. I am pleased to announce that we now have over 65 customers in the region, including Mashreq Bank, Azadea, Landmark Group, DAMAC, and Swvl. that are supported locally from our offices in Dubai. We will continue investing in the region to further expand our team and partner network”

Rajat Sood, a 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. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company.”

In the last 12 months, MoEngage has grown annualized recurring revenue (ARR) by more than 105%, added 500 new customers, and doubled its headcount to more than 650. The company has a very healthy annualized net revenue retention of over 135% and has been named as a “Strong Performer” in Q3 2021, Forrester Wave report on Cross-Channel Campaign tools.

“We partnered with MoEngage to leverage their AI-enabled, insights-led customer engagement platform. This integration has enabled us better understand customer behavior, allowed us to make proactive decisions, significantly reduce manual intervention, and improve omnichannel customer experiences evident from CTR uplift, boost in debit card activation, and increased consumption of reward points,” says Jayanth Ananthakrishnan, Product and portfolio head, Mashreq Neo. “We look forward to working with MoEngage in streamlining our customer engagement approach further and providing a superior banking experience to our customers.

“We are excited to welcome MoEngage to our growing portfolio of cross-border SaaS investments. 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. We are thrilled to partner with Ravi, Yashwanth, and the entire MoEngage team as they build an insights-led customer engagement platform across the world,” said Kabir Narang, Founding General Partner at B Capital Group.

-Ends-

About MoEngage

MoEngage is an insights-led customer engagement platform, trusted by more than 1,200 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino’s, Nestle, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 1 billion customers every month. With offices in ten countries, MoEngage is backed by Goldman Sachs, B Capital, Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast, and Helion Ventures. 

MoEngage has been named as a “Strong Performer” in the Q3 2021 Forrester Wave report for Cross-Channel Campaign Management and as a “Leader” in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms. MoEngage was recognized as one of the “Top 25 Highest Rated Private Cloud Computing Companies To Work For” by Battery Ventures in 2021.

To learn more, visit www.moengage.com 

About Goldman Sachs Asset Management Growth Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn

About B  Capital

B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With over $3.5 billion in assets under management across multiple funds, we focus on seed to late-stage growth investments, primarily in the enterprise, financial technology and healthcare sectors. Founded in 2015, B Capital leverages an integrated team across eight locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies. For more information, click here

For more information contact:
Pooja Poddar Jain
Lead Communications @ MoEngage