Customer engagement platform MoEngage raises $100 million from Goldman Sachs, A91 Partners

Customer engagement platform MoEngage has raised $100 million in its latest funding round led by Goldman Sachs Alternatives and A91 Partners, marking its first major raise in over three years. 

The round, split roughly 60% primary and 40% secondary, pushes the Bengaluru and San Francisco-based startup's total funding beyond $250 million.

The startup said it will use the fresh capital to advance its AI-driven marketing platform and scale its global operations, particularly in North America, which has emerged as its largest revenue contributor after doubling in size over the past year. 

The proceeds will also accelerate innovation in its Merlin AI suite, a set of AI agents that automate campaign creation, offer decisioning, and boost conversion rates, and expand go-to-market and customer-success teams across North America and EMEA.

Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage provides insights-led customer engagement tools that help consumer brands analyse user behaviour and deliver targeted, multi-channel campaigns across mobile, web, email, and messaging platforms.

The startup claims that it serves more than 1,350 consumer brands in 75 countries, powering digital experiences for over 2 billion users each month. Its clients include Flipkart, Domino’s, Airtel, Kayak, Nestlé, SoundCloud, McAfee, and Deutsche Telekom.

Rajat Sood, a Managing Director at Goldman Sachs Alternatives, said, “Our investment in MoEngage reflects Goldman Sachs’ commitment to backing category-leading technology platforms that are leveraging AI for serving enterprises globally. By leveraging our global network, expertise, and capital, we look forward to helping the company accelerate growth, expand into new markets, and deliver lasting value to its customers.”

Kaushik Anand, Partner at A91 Partners, added, “We have gotten to know the MoEngage team over the last six years and have been impressed by their ability to constantly innovate and expand their product offerings. We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships.”

Avendus Capital acted as the exclusive financial advisor to the company and the shareholders.