MoEngage raises $25 Mn Series C round led by Eight Road Ventures

Customer analytics and cross-channel engagement platform, MoEngage has raised $25 million in Series C funding round led by Eight Roads Ventures with participation from F-Prime Capital, Matrix Partners India and Ventureast.

With the fresh capital infusion, the Bengaluru and San Francisco-based startup will scale its operations in the US and Europe. Besides, it will focus on growth and building new products for the Asian market.

MoEngage claims to have customers in 35 countries and connects with over 400 million monthly active users, processing over 65 billion interactions and 40 billion messages monthly.

The five-year-old startup helps companies channelise marketing efforts and campaigns to potential customers via email, in-app messaging, SMS and web push notifications with auto-optimisation.

Notable brands such as Deutsche Telekom, Samsung, Vodafone, Future Retail, Landmark Group, Ola, OYO, Gaana, Wynk, Airtel, and Bigbasket leverage MoEngage to understand customer behaviour and engage them across channels to improve retention and loan-to-value (LTV) ratio.

Enterprise clients contribute nearly 50% of the Raviteja Dodda-led startup's total revenue.

The round takes the total funding raised by MoEngage to $40 million till date. Previously, existing backers Matrix and Ventureeast had led $9 million Series B round in MoEngage in December 2018. It also raised $4.25 million Series A round in 2015.

Snapdeal co-founders Kunal Bahl and Rohit Bansal, and TaxiForSure co-founder Raghunandan G are early investors of the startup.

MoEngage directly competes with CleverTap and WebEngage. Four months ago, CleverTap had closed $35 million Series C round led by Sequoia India and Tiger Global Management.

In B2B SaaS businesses, the Indian startup ecosystem has recorded several investments. Among them, FreshWorks, Druva and Icertis have managed to enter the coveted unicorn club.