MoEngage raises additional $30 mn funding in round led by Steadview Capital

Series D funding at twice the valuation from its earlier Series C1 of $32.5 million in July

MoEngage, the insights-led customer engagement platform, said that it has raised Series D funding of $30 million, at twice the valuation from its earlier Series C1 investment of $32.5 million in July. This round was led by Steadview Capital, with participation from the company’s existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.

The additional capital will also be used to accelerate growth. The company has scaled rapidly in the past 12 months and has doubled its headcount to 450 employees globally. It recently opened offices in Boston, London, Berlin and Ho-Chi Minh City. It will continue to invest in growing its team, the partnership ecosystem and its community programme.

"Our vision is to create the most trusted customer engagement platform that enables brands to personalize every customer interaction,” said Raviteja Dodda, co-founder and CEO of MoEngage. “This growth and funding is a validation of our vision and product innovation - particularly, Sherpa, our AI Engine, has been a game-changer. We are excited to welcome Steadview Capital and look forward to working with them”

MoEngage will continue to invest in AI-powered and insights-driven cross-channel engagement solutions. With MoEngage marketers in consumer brands can gain deep insights into their customer behaviour, likes, preferences, journeys and then meaningfully engage them with contextual cross-channel communications across the customer lifecycle.

"Delivering a personalized customer experience across channels has never been more relevant than it is today,” said Ravi Mehta, Founder and CIO of Steadview Capital. “MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers"

Sherpa, by MoEngage, allows marketers and product owners to gain visibility into customer behaviour. This includes their likes, their channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys and more. Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle. They can orchestrate contextual communication campaigns across the website, mobile app, push notifications, email, WhatsApp, and retargeting.

“MoEngage has helped us engage our customers contextually based on their shopping habits and behavior,” said  Mahadevan Iyer, SVP - Group CRM and analytics, Landmark Group, India. “We have seen significant uplifts in customer engagement and lifetime value.”

In the last 18 months, MoEngage has seen significant adoption of its insights-led customer engagement platform which enables marketers to be more customer-centric, rather than being campaign centric. In the last 12 months, Annualized Recurring Revenue (ARR) has grown over 120 per cent. It has onboarded 350 new customers, including enterprise brands such as Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare and The Body Shop. These also include digital-first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy and SWVL.