EngageGoldman Sachs Alternatives, a customer engagement platform that works with consumer brands in 75 countries, says it has raised new funding led by its existing investor, Goldman Sachs Alternatives, to boost global growth and infuse more artificial intelligence into its platform.
Finally, US$100 million worth of shares have just changed hands, roughly split 60% primary and 40% secondary, as part of MoEngage’s Series F round. The round marks the entry of Indian venture firm A91 Partners as a new investor. According to MoEngage, it has now raised $250 million in funding in full.
As consumer brands increasingly rely on digital channels to reach customers, the competition for attention has intensified. This has prompted companies to use the customer data they already have to deliver more personalized marketing. While established marketing platforms continue to serve this space, brands are now looking for AI-driven tools that can automate the decision-making process and reduce manual work. MoEngage positions itself in this segment with its Merlin AI suite, which helps marketing and product teams launch campaigns faster and improve targeting efficiency.
“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” Raviteja Duda (pictured above), co-founder and CEO of MoEngage, said in an interview.
The 11-year-old startup spent its first seven years focusing largely on India and Southeast Asia. Over the past four years, it has expanded its reach into new markets, especially North America, which now contributes more than 30% of its revenue, Duda told TechCrunch. About 25% of business comes from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
Goldman Sachs’ support in the latest financing will help strengthen MoEngage’s global presence. The investment bank also participated in leading the startup $77 million Series E round Along with B Capital in June 2022.
“Existing investors know more about the company, in terms of how the company is performing, and they know all the good and bad,” Duda said. “[Goldman Sachs] Leading the tour is a powerful validation of our fundamentals.
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Over the past two or three years, MoEngage has invested heavily in generative AI and AI decision-making capabilities. These efforts are reflected in its Merlin AI suite, which Dodda said includes a suite of AI agents designed for marketing use cases.
Some of these agents work as copywriters, helping consumer brands craft marketing messages, create multiple campaign variations, or create natural language text alongside relevant images. The group also includes decision-making AI tools that help brands determine which customers should receive a particular message or offer, on what channel and at what time, Duda said.
MoEngage currently serves over 1,350 consumer brands across the world, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, as well as prominent Indian household names like Swiggy, Flipkart, Ola, Airtel and Tata. About 60% of the company’s business comes from traditional organizations, while the remaining 40% comes from Internet-focused companies. The platform also works with more than 25 global banks and several major insurance companies, including JPMorgan Chase, Citibank, and India’s largest insurer, Life Insurance Corporation (LIC).
Some of these brands have previously used marketing platforms from established companies like Adobe, Oracle, and Salesforce. MoEngage has since won more than 300 of these, helping to drive growth in North America and the EMEA region.
In one case, SoundCloud migrated more than 120 million users to MoEngage within 12 weeks, using AI-driven insights to accelerate product launches and boost retention among its paying users, said Hope Barrett, senior director of martech at SoundCloud.
Many MoEngage customers have also relied on multipoint solutions to handle specific tasks. The company helped integrate these tools into a unified platform to reduce costs and simplify marketing operations.
“If you look at all our brands, whether it’s a bank or an e-commerce company, they’re leveraging MoEngage to unify all their customer data from all touchpoints. That could be their offline stores, their website, or their mobile app. [or other channels]“,” Duda told TechCrunch.
Without revealing exact numbers, Dodda said MoEngage grew nearly 40% year-on-year last year and aims to maintain a 35% compound annual growth rate (CAGR) this year. The company also expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to turn positive on a quarterly basis by the end of the current fiscal year.
MoEngage sees companies like Braze and CleverTap, as well as legacy marketing clouds from Adobe, Oracle and Salesforce, among its main competitors.
The startup has about 800 employees in its 15 offices around the world. It plans to expand its workforce, especially in North America and Europe, by expanding its customer success, support, sales and marketing teams to deepen its presence in those markets. MoEngage also intends to build additional AI capabilities and hire more talent to support this effort.
MoEngage plans to go public within the next two years, Dodda told TechCrunch, without sharing a specific timeline for the IPO.
“We see an opportunity to build a multi-billion-dollar revenue company in our space,” he said.