Summary: MoEngage, a leading customer engagement platform, has secured $100 million in its Series F funding round led by Goldman Sachs Alternatives and new investor A91 Partners. This investment will fuel MoEngage’s global expansion and enhance its AI-driven marketing capabilities through its Merlin AI suite. With a strong presence across 75 countries and over 1,350 consumer brands as clients, MoEngage aims to maintain robust growth and prepare for an IPO in the coming years.
MoEngage Raises $100M Led by Goldman Sachs and A91 Partners
MoEngage, a customer engagement platform serving consumer brands in 75 countries, recently closed a $100 million funding round. The investment was led by its existing investor, Goldman Sachs Alternatives, alongside new co-lead investor A91 Partners. This Series F round included roughly 60% primary and 40% secondary shares, bringing MoEngage’s total funding to $250 million.
Expanding Global Reach with a Focus on AI-Driven Marketing
As digital channels become increasingly vital for consumer brands, competition for customer attention has intensified. Brands are leveraging first-party data to deliver personalized marketing, with a growing demand for AI-powered tools that automate decision-making and reduce manual efforts. MoEngage’s CEO and co-founder, Raviteja Dodda, explains, “We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have.”
Initially focused on India and Southeast Asia during its first seven years, MoEngage has expanded into North America, which now accounts for over 30% of its revenue. Europe and the Middle East contribute about 25%, while India and Southeast Asia make up the remaining 45%. The new funding will support further global expansion, especially in North America and Europe.
How MoEngage’s Merlin AI Suite Enhances Customer Engagement
Over the past few years, MoEngage has heavily invested in generative and decisioning AI capabilities, culminating in its Merlin AI suite. This suite includes AI agents that act as copywriters, helping brands draft marketing messages, create multiple campaign variants, and generate natural language text with relevant images. Additionally, decisioning AI tools assist brands in determining the best customers to target, the optimal channels, and the right timing for messages and offers.
Serving Over 1,350 Brands Worldwide
MoEngage’s platform supports more than 1,350 consumer brands globally, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, Travelodge, and prominent Indian companies like Swiggy, Flipkart, Ola, Airtel, and Tata. Approximately 60% of its business comes from traditional enterprises, with the remaining 40% from internet-focused firms. The platform also serves over 25 global banks and major insurers such as JPMorgan Chase, Citibank, and India’s Life Insurance Corporation (LIC).
Many clients have transitioned from legacy marketing platforms like Adobe, Oracle, and Salesforce to MoEngage, with over 300 such wins contributing to growth in North America and EMEA. For example, SoundCloud migrated over 120 million users to MoEngage within 12 weeks, leveraging AI insights to accelerate product launches and improve retention among paid users.
MoEngage also helps consolidate multiple marketing tools into a unified platform, reducing costs and streamlining operations. Dodda notes, “Our brands leverage MoEngage to unify all their customer data from all touchpoints, including offline stores, websites, and mobile apps.”
Strong Growth and Future Plans
MoEngage experienced approximately 40% year-over-year growth last year and aims to sustain a 35% compound annual growth rate over the next three years. The company expects to achieve adjusted EBITDA positivity on a quarterly basis by the end of the current fiscal year.
With about 800 employees across 15 offices worldwide, MoEngage plans to expand its workforce, particularly in North America and Europe, by growing its customer success, support, sales, and marketing teams. The company also intends to enhance its AI capabilities and hire additional talent to support this growth.
Looking ahead, MoEngage aims to be IPO-ready within the next few years. Dodda shares, “We see an opportunity to build a multi-billion dollar revenue company in our space.” Key competitors include Braze, CleverTap, and legacy marketing clouds from Adobe, Oracle, and Salesforce.