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Tuesday, December 6, 2022

Customer engagement app MoEngage to secure $70M at a valuation of $700M

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MoEngage is in the final stages of negotiating a new round of funding. To date, the customer engagement startup has raised $100 million.

Consumer interaction platform, MoEngage, has entered late-stage discussions to secure a new round of funding from new and existing investors. The company’s Series D round will be followed by a fresh round in four months.

Goldman Sachs is in early talks to lead a $70-75 million financing in MoEngage. The company’s existing investors will also increase their interest in this round.

MoEngage assists businesses in channeling marketing efforts and campaigns to potential customers via email, in-app messaging, SMS, and web push notifications with auto-optimisation.

Brands use MoEngage to understand consumer behavior and engage customers across channels in order to enhance retention and loan-to-value (LTV) ratio.

The Bengaluru-based startup raised $30 million in December from Steadview and current backers Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.

Any immediate responses elicited no reactions from MoEngage, Goldman Sachs, Steadview, Eight Roads, or Matrix.

To date, the firm founded by Raviteja Dodda has raised $100 million, and it was believed to be worth $300-350 million during its Series D financing.

MoEngage had 450 workers worldwide as of December 2021, with offices in Boston, London, Berlin, and Ho-Chi Minh City, among others. It competes directly with Tiger Global-backed CleverTap and WebEngage.l.  

According to regulatory records, its Indian entity saw a nearly 17 percent increase in scale to Rs 82.1 crore in FY21, while MoEngage is registered in the United States. During the period, its losses climbed by only 3.7 percent, from Rs 2.44 crore in the previous fiscal year (2020) to Rs 2.53 crore in FY21.

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