MoEngage, a customer engagement platform used by consumer brands in 75 countries, announced an additional $180 million Series F deal just over a month after securing $100 million, with the majority of the latest funding providing liquidity to investors and employees through secondary transactions.
Approximately $123 million in collateral funding was raised in this round, including a $15 million employee bid providing liquidity for 259 current and former employees, with the remaining $57 million being raised as primary capital and invested in the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers including Eight Roads Ventures, Helion Venture Partners, Z47 and Ventureeast sold their stakes in secondary transactions.
The deal values MoEngage at “well over” $900 million post-money, the people said, adding that the startup is targeting $100 million in annual recurring revenue this year. MoEngage does not disclose these numbers.
MoEngage plans to use the new funding to further invest in its Merlin AI suite and expand its use of AI agents to improve decision-making and efficiency for marketing teams, co-founder and CEO Raviteja Dodda (pictured above) said in an interview. The company is also deepening collaboration between its product and engineering teams by bundling its analytical and transactional messaging tools into a broader range of products, which is expected to increase average contract value and expand its addressable market.
“When you look at customer engagement, it’s not necessarily focused on the marketing team. There’s the product team and the engineering team, and it’s also focused on how to understand customer behavior and data,” Dodda says.
MoEngage also plans to use a portion of the new funding to pursue strategic acquisitions, particularly in the U.S. and Europe, targeting software companies that complement its customer engagement platform or help accelerate its expansion in these markets. We are also targeting smaller AI teams to power our intelligence-driven services.
The 11-year-old startup, headquartered in Bengaluru and San Francisco, already generates more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
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The size of MoEngage’s secondary funding reflects its late-stage position, allowing early investors and employees access to liquidity without forcing a short-term listing. This approach gives MoEngage the flexibility to choose next steps based on business priorities rather than investor exit timelines.
“This gives us the opportunity to not rush into an IPO,” Dodda said, adding that the company still aims to go public within a few years, depending on market conditions and other factors.
Dodda said MoEngage is expected to have positive earnings before interest, taxes, depreciation and amortization (EBITDA) this quarter, and is targeting average annual growth of about 35% over the next three years.
Bhavin Turakhia, co-founder and CEO of fintech firm Zeta, a MoEngage customer, said the company’s analytics and messaging tools are helping improve onboarding, activation and cross-selling across key customer journeys.
The secondary elements of this round also allowed some early investors to exit completely. Ventureeast, which supported MoEngage in 2018, is one such company. Partner Vinay Rao told TechCrunch that the VC firm had an overall return on investment of about 10x.
Rao said that while many global customer engagement companies operate with a cost structure geared toward the U.S. market, MoEngage maintains an India-based cost structure, which helps it compete more effectively in the U.S. while expanding its business.
With the latest round, MoEngage has raised approximately $307 million in primary funding to date. Avendus advised MoEngage on the transaction.
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