MoEngage, an insights-led customer engagement platform, announced that it has raised $30 million in a Series D funding round led by London-based investment firm Steadview Capital, at a valuation of about $500 million, i.e. twice that of its previous Series C1 investment of $32.5 million in July.
The round also featured participation from the company’s existing investors Eight Roads Ventures, Multiples Alternate Asset Management, F-Prime Capital, and Matrix Partners. The Bengaluru-based startup will continue to invest in cross-channel engagement offerings powered by AI and insights. The fresh capital will also be allocated to accelerate growth.
The company claims to have grown significantly in the last year, more than doubling its global staff to 450 employees. It recently inaugurated offices in Boston, London, Berlin, and Ho Chi Minh City, and it plans to continue investing in its team, partnership ecosystem, and growth community program.
MoEngage, founded in 2014 by Raviteja Dodda and Yashwanth Kumar, helps corporations in measuring customer engagement and analyzing metrics in order to enhance it, which may facilitate the development of marketing and data strategies in e-commerce, banking, retail, hospitality, and travel, among other industries. It operates on a subscription model, similar to most software-as-a-service firms, in which customers pay a recurring price for services.
The company claims to have attracted 350 new customers in the last year, which include companies like CIMB Bank, Axiata, Domino’s Pizza, XL IHH Healthcare, The Body Shop, and digital-first brands such as ShareChat, PolicyBazaar, Byjus, Atom Finance, Payactiv, and Flipkart. MoEngage is used by consumer brands in 35 countries to power digital engagements for more than 900 million users every month.
Raviteja Dodda, co-founder and CEO of MoEngage commented on the fundraise saying, “Our vision is to create the most trusted customer engagement platform that enables brands to personalize every customer interaction. This growth and funding is a validation of our vision and product innovation, particularly, Sherpa, our AI Engine, has been a game-changer.”
MoEngage’s Sherpa enables marketers and product owners to acquire insight into customer behavior. This consolidates their likes, channel interests, optimal message frequency & timing, ideal cross-channel journeys, product or content preferences, among other factors. Marketers may automatically categorize their customers based not only on recent transactions but also on affinities and lifestyles. Targeted communication campaigns can be administered across the website, email, mobile app, push notifications, WhatsApp, or even retargeting.
The startup’s annualized recurring revenue (ARR) increased by more than 120 percent in the last year, while annualized net revenue retention increased by more than 140 percent. MoEngage faces stiff competition in this constantly advancing space with other customer engagement platforms such as Clevertap, KissFlow, Whatfix, WebEngage, and others.