MoEngage raises $77 Mn Series B co-led by Goldman Sachs and B Cap

SaaS customer engagement platform MoEngage has raised $77 million in Series E funding co-led by Goldman Sachs Asset Management and B Capital. Existing investors including Steadview, Multiples Alternate, Eight Roads and Matrix Partners also invested in the new round.

Entrackr had exclusively reported about this round in April.

With this, the company has raised $139 million across three rounds since July 2021. It raised $30 million in December and $32.5 million in July.

MoEngage will use this funding to expand its presence in the U.S., Europe, Asia, and Middleeast regions and mark its entry into Latin America and Australian markets, said the company in a press statement.

MoEngage provides marketers and product companies with insights into customer behaviour and lets them engage customers across the digital channel. The company claims to have 1200 clients in 35 countries. The Raviteja Dodda-led firm has raised $177 million to date.

While the company hasn’t given any clue about revenue, MoEngage claimed a growth of 105% in annualized recurring revenue (ARR). It competes with the Tiger Global-backed CleverTap and WebEngage.

MoEngage didn’t divulge its valuation in the Series E round but according to Entrackr’s sources, the company has been valued in the range of $700 million (post-money).

While MoEngage is registered in the US, its Indian entity recorded a 17% growth in its scale to Rs 82.1 crore in FY21 and its losses stood at Rs 2.53 crore in the fiscal year ending March 2021.