MoEngage Secures New Funding to Boost Global Growth and AI Integration
MoEngage, a leading customer engagement platform working with consumer brands across 75 countries, has recently announced that it has raised new funding led by its existing investor, Goldman Sachs Alternatives. The purpose of this funding is to accelerate global expansion and further enhance the integration of artificial intelligence into its platform.
The latest funding round saw $100 million in shares being traded, with approximately 60% being primary shares and 40% secondary shares, as part of MoEngage’s Series F round. Indian venture firm A91 Partners has also joined as a new investor in this round. With this new funding, MoEngage has now raised a total of $250 million in funding.
As consumer brands increasingly turn to digital channels to engage with customers, the competition for attention has become more intense. This has led companies to leverage their existing customer data to deliver more personalized marketing experiences. MoEngage aims to address this need by offering AI-driven tools that can automate decision-making processes and reduce manual efforts. The platform’s Merlin AI suite is designed to help marketing and product teams launch campaigns more efficiently and improve targeting accuracy.
Raviteja Dodda, co-founder and CEO of MoEngage, emphasized the platform’s focus on helping B2C brands effectively engage with their customers by utilizing their first-party data. Over the past 11 years, MoEngage has expanded its presence from India and Southeast Asia to new markets, with North America now accounting for over 30% of its revenue. Europe and the Middle East contribute about 25% of the business, while India and Southeast Asia make up the remaining 45%.
The backing from Goldman Sachs in the latest funding round will further strengthen MoEngage’s global footprint. The investment bank previously co-led the startup’s Series E round of $77 million along with B Capital in June 2022.
In recent years, MoEngage has made significant investments in generative AI and decisioning AI capabilities, as reflected in its Merlin AI suite. This suite includes various AI agents tailored for marketing purposes, such as copywriting assistance and decision-making tools to optimize customer targeting and messaging strategies.
Currently serving over 1,350 consumer brands worldwide, MoEngage’s clientele includes well-known names like SoundCloud, McAfee, Kayak, Domino’s, and Deutsche Telekom, along with prominent Indian brands like Swiggy, Flipkart, and Ola. The platform also collaborates with global banks and insurers, such as JPMorgan Chase, Citibank, and Life Insurance Corporation (LIC).
MoEngage has successfully attracted over 300 brands that previously used marketing platforms from incumbents like Adobe, Oracle, and Salesforce. By offering a unified platform that consolidates various marketing tools, MoEngage has helped these brands streamline their operations and drive growth in different regions.
Looking ahead, MoEngage plans to continue expanding its workforce, particularly in North America and Europe, to enhance its customer support, sales, and marketing efforts. The platform also aims to further develop its AI capabilities and recruit top talent to support its growth strategy. Ultimately, MoEngage envisions becoming IPO-ready within the next few years, with a strong focus on building a multi-billion dollar revenue company in the customer engagement space.
The world is currently facing a global pandemic that has affected millions of people and disrupted daily life in unprecedented ways. The COVID-19 pandemic, caused by the novel coronavirus, has brought about significant challenges for individuals, communities, and entire countries. As researchers and healthcare professionals work tirelessly to develop a vaccine and effective treatment for the virus, it is imperative for everyone to do their part in preventing the spread of the disease.
One of the most effective ways to prevent the spread of COVID-19 is through practicing good hygiene and following public health guidelines. This includes washing hands frequently with soap and water for at least 20 seconds, using hand sanitizer when soap and water are not available, wearing a mask in public spaces, and maintaining social distancing of at least six feet from others. These simple measures can go a long way in reducing the risk of contracting and spreading the virus.
In addition to personal hygiene practices, it is important for individuals to stay informed about the latest developments and recommendations regarding COVID-19. This includes following updates from reputable sources such as the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC). By staying informed, individuals can make informed decisions about their health and safety, as well as the health and safety of those around them.
Furthermore, it is crucial for individuals to take care of their physical and mental well-being during these challenging times. The stress and uncertainty surrounding the pandemic can take a toll on mental health, so it is important to prioritize self-care and seek support when needed. This can include maintaining a healthy diet, getting regular exercise, practicing mindfulness or meditation, and reaching out to loved ones for emotional support.
As the world continues to navigate the challenges posed by the COVID-19 pandemic, it is important for everyone to do their part in preventing the spread of the virus. By practicing good hygiene, staying informed, and taking care of both physical and mental well-being, individuals can help protect themselves and others from COVID-19. Together, we can overcome this global crisis and emerge stronger and more resilient than ever before.
