MoEngage, a Bengaluru-based customer analytics and cross-channel engagement platform, has raised $77 million (Rs 596 crore) in its Series E round of funding led by Goldman Sachs Asset Management and B Capital.
The company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India also participated in this round.
This transaction also marked Goldman Sachs Asset Management’s first investment in an Indian SaaS company.
MoEngage will use the newly infused capital to deepen its geographic footprint in the US, Europe, Asia and Middle-East markets and also expand to 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.
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.
“Consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. We now have over 1,200 customers in 35 countries and over 650 global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand,” said Raviteja Dodda, co-founder and CEO of MoEngage.
MoEngage was set up by Doda and Yashwanth Kumar in 2014. Prior to launching the company, the duo had co-founded Pipal Tech Ventures, a technology company developing mobile, social and location-based products. Dodda also had a brief stint with Cisco Systems.
MoEngage says its platform centralises behavioural analytics, insights and marketing automation, allowing its clients to engage with their customers across channels and personalise touchpoints with them.
The company counts the likes of Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, Navi, and more among its over 500 customers.
The company is likely to open offices in Delhi, Mumbai, and Hyderabad to better support its customers and tap into talent outside Bangalore.
In the last 12 months, MoEngage claims to have grown annualized recurring revenue (ARR) by more than 105%, added 500 new customers, and doubled its headcount to more than 650.
“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,” said Rajat Sood, MD at Goldman Sachs Asset Management.
The broader SaaS space has witnessed quite a few deals in the recent past. For instance, on May 11, Software-as-a-service (SaaS) platform Shopflo, operated by Shopflo Technologies Pvt. Ltd claimed that it has become the first startup to receive seed funding from Tiger Global at a pre-product stage.
A day before, SirionLabs Inc., which operates an eponymous software-as-a-service (SaaS) firm focussed on contract lifecycle management (CLM), has raised $85 million in Series D funding round led by Partners Group.
Last month, Toplyne Labs Pte. Ltd, which runs software-as-a-service (SaaS) platform Toplyne, has announced to have raised $15 million in its Series A funding round co-led by Tiger Global and Sequoia Capital India.
