MoEngage gets NCLT approval for reverse merger to shift domicile from US to India

SaaS major MoEngage has received approval from the National Company Law Tribunal (NCLT) for a reverse merger that will shift its corporate domicile from the US to India, a key step in its restructuring ahead of a potential public listing in the country.

In an order dated January 12, 2026, the NCLT’s Bengaluru bench cleared the merger of MoEngage Inc, the company’s Delaware-incorporated parent, into its Indian subsidiary, MoEngage India Private Limited.

Under the approved amalgamation scheme, the US entity will merge into the Indian arm and cease to exist without being wound up, with all assets, liabilities and operations transferring to the Indian company.

The move follows sustained discussions within the company on relocating its headquarters to India as it evaluates an initial public offering on domestic bourses. MoEngage has been in talks with advisers and bankers since last year to explore IPO options.

Founder and CEO Raviteja Dodda had earlier said the company was assessing the right avenue and timing for a listing, with market conditions playing a decisive role.

“We continue to evaluate from the IPO standpoint on what is the right avenue for us in the coming years,” he had said, adding that the company aims to be IPO-ready over the next couple of years.

The tribunal approval comes weeks after MoEngage closed an extended Series F funding round in December 2025. The round totalled $280 million, including a $180 million tranche announced earlier, and was a mix of primary and secondary transactions. Investors included ChrysCapital, Dragon Fund and Goldman Sachs Alternatives, with participation from A91 Partners.

Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage provides customer engagement, analytics and messaging tools powered by artificial intelligence. Its platform is used by marketing and product teams to manage customer journeys across channels. The company serves more than 1,350 enterprises across 75 countries.

Around 60% of its clients are traditional enterprises, while the rest include new-age digital companies such as Swiggy, Ola, Mamaearth and Policybazaar. Geographically, about 30% of its revenue comes from North America, 25% from Europe and West Asia, with the remainder contributed by India and other markets. MoEngage employs close to 800 people globally.