MoEngage, an insights-led customer engagement platform, has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital. This is Goldman Sachs Asset Management’s first investment in an Indian software-as-a-service (SaaS) company.
The company will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and West Asian markets, and also expand in new markets such as Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
The funding round also saw participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
Raviteja Dodda, Co-Founder and Chief Executive Officer (CEO), MoEngage, said: “We will continue investing in India and will soon open offices in Delhi, Mumbai and Hyderabad to better support our customers and tap into talent outside Bangalore.” The company’s growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an insights-led multi-channel approach to customer engagement, he added.
In the last 12 months, MoEngage has grown annualised recurring revenue (ARR) by more than 105 per cent, added 500 new customers, and doubled its headcount to more than 650, said the company.
Rajat Sood, Managing Director at Goldman Sachs Asset Management, said: “We anticipate the continued expansion of the marketing automation and analytics industry. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company.”
This is the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021.