MoEngage To Raise $70 Million At $700 Million Valuation
MoEngage, a customer engagement platform, is in late-stage talks to raise fresh funding round from new and existing investors.
First reported by Entrackr, citing three sources, the new round is coming for the customer engagement platform within 4 months of its Series D funding round.
One of the sources stated that Goldman Sachs is in advanced conversation to lead a $70-75 million worth round in MoEngage. Additionally, its existing investors will also double down their stake in this round.
MoEngage | Insights-led Customer Engagement Platform
Founded by Raviteja Dodda (CEO & Co-founder) and Yashwanth Kumar (CTO & Co-founder), MoEngage is an insights-led customer engagement platform for the customer-obsessed marketers and product owners.
The platform helps companies channel marketing efforts and campaigns to potential customers via email, SMS, in-app messaging and web push notifications with auto-optimisation. MoEngage enables brands to understand customer behaviour and engage them across channels to improve retention and loan-to-value (LTV) ratio.
MoEngage’s full-stack solution consists of powerful customer analytics, AI-powered customer journey orchestration and personalization capabilities – in one dashboard.
The startup will be valued at around $700 million (post-money), stated one of the sources. In December 2021, the Bengaluru-based startup raised $30 million from Steadview and existing backers Eight Roads Ventures, F-Prime Capital, Multiples Alternate Asset Management, and Matrix Partners.
The customer engagement platform has raised $100 million to date. Competing directly with the Tiger Global-backed CleverTap and WebEngage, the startup had 450 employees globally with offices in Boston, London, Berlin and Ho-Chi Minh City and others, as of December 2021.
As per regulatory filings, in FY21, MoEngage’s Indian entity has booked nearly 17% growth in its scale to Rs 82.1 crore. Its losses increased merely 3.7% to Rs 2.53 crore in FY21 from Rs 2.44 crore during FY20.
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2 comments on "MoEngage To Raise $70 Million At $700 Million Valuation"
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