Goldman Sachs increases investment in MoEngage to drive global growth

MoEngage Secures New Funding to Accelerate Global Growth and Enhance AI Capabilities

MoEngage, a leading customer engagement platform serving consumer brands in 75 countries, has announced a recent funding round led by its existing investor, Goldman Sachs Alternatives. The funding will fuel the company’s expansion efforts and drive further integration of AI technologies into its platform.

The Series F round saw $100 million in shares exchanged, with 60% allocated to primary shares and 40% to secondary shares. A91 Partners, an Indian venture firm, joined as a new investor alongside Goldman Sachs Alternatives, bringing MoEngage’s total funding raised to $250 million.

As the digital landscape evolves, consumer brands are increasingly leveraging data to personalize marketing efforts and engage customers effectively. MoEngage addresses this need with its Merlin AI suite, designed to streamline campaign launches and enhance targeting efficiency for marketing and product teams.

Raviteja Dodda, co-founder and CEO of MoEngage, emphasized the platform’s focus on leveraging first-party data to help B2C brands enhance customer engagement. Over the past four years, MoEngage has expanded its global footprint, with North America now contributing over 30% of its revenue.

Goldman Sachs’ continued support through the latest funding round underscores MoEngage’s strong fundamentals and global potential. The investment bank previously co-led the company’s Series E round in collaboration with B Capital.

MoEngage’s strategic investments in generative AI and decisioning AI capabilities have culminated in the Merlin AI suite, featuring AI agents tailored for marketing applications. These agents assist brands in crafting marketing messages, generating campaign variants, and optimizing targeting strategies.

The platform’s clientele includes over 1,350 global consumer brands, encompassing industry giants like SoundCloud, McAfee, and Domino’s. MoEngage’s success in migrating users and consolidating marketing tools has driven growth in North America and EMEA regions.

Looking ahead, MoEngage aims to enhance its AI capabilities, expand its workforce, and achieve adjusted EBITDA positivity by the end of the fiscal year. The company envisions an IPO in the near future, positioning itself for substantial revenue growth in the competitive customer engagement landscape.

With a robust team of 800 employees across 15 global offices, MoEngage is poised to further solidify its market presence and deliver innovative solutions to empower consumer brands worldwide.