MoEngage Raises $30M for Customer Engagement Platform

MoEngage Secures $30 Million in Series D Funding

MoEngage, a startup operating from both San Francisco and Bangalore, has successfully raised $30 million in a new funding round. This achievement comes only four months following the completion of their previous financing.

Steadview Capital spearheaded the Series D investment in the seven-year-old SaaS company. Current investors also participated, bringing MoEngage’s total funding to approximately $100 million.

Enhancing Customer Understanding Through Data Insights

MoEngage provides businesses with the tools necessary to gain comprehensive understanding of their customer base and enhance engagement with their applications. The platform delivers insights into user preferences, app navigation patterns, and the performance of various app features.

Marketing teams leverage MoEngage to automatically categorize customers based on shared interests and lifestyles, subsequently tailoring their communication strategies.

According to Raviteja Dodda, co-founder and CEO of MoEngage, in a discussion with TechCrunch, “We empower our clients’ brands in their digital transformation. Our solutions facilitate improved customer retention, increased engagement, and greater overall value.”

Growing Client Base and Industry Recognition

MoEngage has garnered recognition from both Gartner and G2 and currently serves over 1,000 customers worldwide, as stated by Dodda. Notable clients include Shopsy (Flipkart), Byju’s, Atom Finance, PolicyBazaar, CIMB Bank, Landmark Group, and Domino’s Pizza.

Mahadevan Iyer, SVP of Group CRM & Analytics at Landmark Group in India, commented, “MoEngage has enabled us to engage customers with relevant messaging based on their shopping behaviors. We’ve observed substantial improvements in customer engagement and lifetime value. We are confident that MoEngage’s expertise and algorithms will continue to enhance the customer experience.”

Pandemic-Driven Growth and Revenue Increase

The company experienced accelerated growth during the pandemic as businesses globally prioritized their online and app-based services, Dodda explained. MoEngage reported an annualized recurring revenue increase exceeding 120% over the last year, though specific figures were not disclosed.

“This growth and funding serve as confirmation of our vision and product innovation. Specifically, Sherpa, our AI Engine, has proven to be transformative. We are pleased to welcome Steadview Capital as a partner,” Dodda added.

Future Expansion Plans

Having recently established offices in locations such as Boston, London, and Berlin, the startup intends to utilize the new funding to expand its product capabilities and increase its workforce.

Ravi Mehta, Founder and CIO of Steadview Capital, stated, “Providing a personalized customer experience across all channels is crucial in today’s market. We are excited to collaborate with the MoEngage team on their mission and growth trajectory. MoEngage’s data-driven approach to customer engagement and campaigns simplifies the process for brands to achieve results and foster stronger customer relationships.”