MoEngage, an advanced customer engagement and marketing automation platform adopted by consumer-facing brands in more than seventy-five countries, has successfully secured an additional $180 million through a Series F follow-on funding round. Remarkably, this achievement arrives barely a month after the company closed a substantial $100 million investment. The newly raised capital largely serves to enhance liquidity for existing investors and employees through well-structured secondary transactions, reflecting the company’s maturity and investor confidence.
Of the total sum, approximately $123 million was allocated to secondary sales, with around $15 million specifically designated for an employee stock tender program that granted financial liquidity to 259 current and former members of MoEngage’s workforce. The remaining $57 million constituted primary capital, directly contributing to the company’s operational growth and strategic initiatives. The round was spearheaded by prominent investment firms ChrysCapital and Dragon Funds, with further participation from Schroders Capital, as well as existing backers TR Capital and B Capital. Additionally, several early-stage investors—including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast—chose to divest portions of their holdings through these secondary mechanisms, thereby monetizing prior investments while allowing newer investors to strengthen their positions.
According to sources familiar with the deal, the transaction implied a post-money valuation of well above $900 million, edging the company closer to unicorn status. The same sources indicated that MoEngage is on course to reach an estimated $100 million in annual recurring revenue within the current fiscal year, underscoring the strength of its financial trajectory. Notably, MoEngage itself has refrained from publicly confirming these exact figures, adhering to its policy of fiscal discretion.
Raviteja Dodda, the company’s co-founder and chief executive officer, explained in an interview that the newly secured capital will be directed toward enhancing MoEngage’s Merlin AI suite — a set of proprietary artificial intelligence tools designed to optimize business decision-making and operational efficiency for marketing teams. By investing in advanced AI-driven capabilities and digital agents, the company aspires to make customer engagement more intelligent, predictive, and streamlined. Furthermore, MoEngage aims to strengthen its position within product and engineering teams by integrating its analytics and transactional messaging tools into a more comprehensive offering. This bundled approach is expected to boost both the average contract value of clients and the total addressable market across industries.
Dodda emphasized that the scope of customer engagement extends beyond marketing departments; product managers and engineering teams also rely heavily on behavioral data and analytics to understand user intent, identify engagement bottlenecks, and refine customer experiences. MoEngage’s cross-functional expansion aims precisely at bridging these operational silos, creating a unified framework for customer understanding and automated engagement.
A portion of the newly raised funds will also be utilized to pursue selective acquisitions, particularly within the United States and European markets. The focus of these acquisitions will be companies and small AI-focused teams that either complement MoEngage’s existing technology stack or accelerate its regional penetration. Such strategic moves are intended to reinforce the platform’s technological sophistication while broadening its global relevance and customer base.
Founded eleven years ago, MoEngage maintains dual headquarters in Bengaluru, India, and San Francisco, United States. Its revenue distribution illustrates its balanced global presence: more than 30% originates from North America, roughly 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia. This geographic spread reflects its ability to adapt its platform to diverse customer bases and regulatory environments.
The secondary-heavy configuration of the latest funding round also highlights MoEngage’s advanced growth stage. By allowing early investors and employees to realize liquidity without necessitating an imminent public offering, the company safeguards its operational autonomy. This structure grants strategic flexibility, ensuring that MoEngage can pursue long-term priorities — such as product innovation, geographic expansion, and market leadership — without being constrained by the timing pressures often associated with investor exit strategies. As Dodda articulated, this approach removes the urgency of filing for an IPO, although the company remains open to that prospect within the next few years should market conditions prove favorable.
Financially, MoEngage expects to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA) within the current quarter and targets approximately 35% compound annual growth over the next three years. Such expectations reflect not only disciplined fiscal management but also the scalability of its subscription-based business model.
Customers have echoed MoEngage’s growing influence. Bhavin Turakhia, the co-founder and chief executive of fintech unicorn Zeta, which utilizes MoEngage’s technology, noted that its analytics and automated messaging capabilities have significantly improved user onboarding, engagement activation, and cross-selling within key customer journeys. These operational benefits illustrate how MoEngage’s suite translates into measurable business outcomes for enterprise users.
The new funding round also enabled complete exits for certain early investors. Ventureast, an investor since 2018, achieved an impressive tenfold return on its investment, as disclosed by partner Vinay Rao. Rao attributed part of MoEngage’s international competitiveness to its cost structure, which remains anchored in India. He explained that, unlike many global customer engagement companies burdened by U.S.-centered operating expenses, MoEngage’s India-based structure has allowed it to maintain both affordability and profitability while expanding aggressively in Western markets.
Including this latest round, MoEngage’s cumulative primary capital raised now stands at approximately $307 million. This upward trajectory not only reinforces its financial credibility but also positions it as a leading player in the global marketing technology ecosystem — one combining sustainable growth with deep technological innovation.
Sourse: https://techcrunch.com/2025/12/16/weeks-after-raising-100m-investors-pump-another-180m-into-hot-indian-startup-moengage/
