MoEngage raised $77 million to expand operation

MoEngage, the India-based insights-led customer engagement platform, has raised $77 million in Series E funding. This round was led by Goldman Sachs 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 fundraising for the company in the last 12 months, having raised $32.5 million in July and $30 million in December 2021.

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

In the last 12 months, MoEngage has grown annualized recurring revenue by more than 105 per cent, 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 per cent. 

Within Southeast Asia, MoEngage has doubled its headcount across Indonesia, Singapore, Vietnam, Thailand, and the Philippines. This includes new hires Anmol Arora, Regional Director, SEA & ANZ, and Patrick Tang, Associate Director, ASEAN to lead the business growth and strategic direction of MoEngage in the region, as well as in country-specific sales and support team members. An Australian office of the firm is coming soon. 

Vietnam is a new market to MoEngage. Saurabh Madan, MoEngage's Vice President of SEA and ANZ, said its office in Vietnam is located in Ho Chi Minh city with seven employees currently supporting 40 customers. 

While it took the company three years to reach the same figures in Indonesia, MoEngage's biggest market in South East Asia, the firm plans to triple the size of its operation and reach over 100 customers in Vietnam within the next 18 months. 

Raviteja Dodda, co-founder and CEO of MoEngage said that rapid growth is validation that consumer brandstoday are moving beyond campaign-centric tools and are adopting an insights-led multi-channel approach to customer engagement.

Rajat Sood, managing director at Goldman Sachs Asset Management said the organization anticipates thecontinued expansion of the marketing automation and analytics industry. 

"Ascompanies seek to better engage customers across digital channels, MoEngage’sleading technology platform provides marketers with insightful, real-time data,enabling them to orchestrate and run effective campaigns to build and retaincustomer relationships to enhance customer lifetime value," said Rajat Sood.