MoEngage Raises USD 30 Million, Valuation Doubles

Led by Steadview Capital, MoEngage raised USD 30 million; plans to invest in AI and expansion

Bengaluru-based customer analytics and cross-channel engagement platform MoEngage has raised USD 30 million in a funding round led by Steadview Capital with participation from existing investors, including Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.

“This new round has come in just six months after our Series C1 funding at almost double the valuation and reaffirms our rapid growth,” wrote Raviteja (Ravi) Dodda, co-founder and CEO of MoEngage, in a blog post, but the specifics were not disclosed.

The company had raised $32.5 million in Series C1 funding in July, which was led by Multiples Alternate Asset Management. The company will continue investing in its AI engine Sherpa and predictive capabilities while expanding its global presence and strengthening customer service and support functions. Their offices were recently opened in London, Boston, Ho-Chi Minh City and Berlin, and they have 500 employees globally.

The CEO also informed that the ARR [Annualized Recurring Revenue] of the company had more than doubled in 2021. The company also claims to have added 350 new customers, including enterprises such as CIMB Bank, XL Axiata, The Body Shop, Domino’s Pizza, IHH Healthcare, and digital-first brands like ShareChat, Policy Bazaar, Atom Finance, Payactiv, Flipkart, Shopsy, Byjus, and SWVL.

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Meeta Ramnani
Meeta’s interest lies in finding out real practical applications of technology. At AIM, she writes stories that question the new inventions and the need to develop them. She believes that technology has and will continue to change the world very fast and that it is no more ‘cool’ to be ‘old-school’. If people don’t update themselves with the technology, they will surely be left behind.

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