MoEngage raises $30M for its multi-channel customer engagement platform

MoEngage, a San Francisco and Bangalore-based startup that helps firms understand their customers and improve app engagement, has raised $30 million just four months after closing its previous funding round.

Steadview Capital led the seven-year-old SaaS startup’s Series D round. Existing investors also participated in the round, which takes MoEngage’s all-time raise to about $100 million.

MoEngage enables its customers to gain deeper insights into the way they are engaging with apps and websites. These insights include customer preferences, the way they navigate the app and the offerings of the app that are attracting users’ attention — and those that are struggling to do so.

Marketers use MoEngage to automatically segment their customers by affinities and lifestyle and inform their communication campaigns accordingly.

“We are an enabler of digitization for our customers’ brands. We help them better retain customers and drive more engagement and value,” said Raviteja Dodda, co-founder and chief executive of MoEngage, in an interview with TechCrunch.

MoEngage, recognized by both Gartner and G2 in recent years, has amassed over 1,000 customers globally, he said. Some of its clients include Flipkart’s Shopsy, Byju’s, Atom Finance, PolicyBazaar, CIMB Bank, Landmark Group and Domino’s Pizza.

Image Credits: MoEngage

“MoEngage has helped us engage our customers contextually based on their shopping habits and behavior. We have seen significant uplifts in customer engagement and lifetime value. We feel confident that with the deep domain experience and algorithms that MoEngage brings to the table, we will be able to drive better experience for our customers,” said Mahadevan Iyer, SVP of Group CRM & Analytics, at Landmark Group in India, in a statement.

The startup saw fast-growth amid the pandemic as more businesses worldwide scrambled to focus on their web and app offerings, said Dodda. Without disclosing a specific figure, MoEngage said its annualized recurring revenue has grown by more than 120% in the past 12 months.

“This growth and funding is validation of our vision and product innovation — particularly, Sherpa, our AI Engine, has been a game changer. We are excited to welcome Steadview Capital and look forward to working with them,” said Dodda.

The startup, which has opened offices in Boston, London and Berlin, among other places in recent quarters, plans to deploy the fresh funds to scale its product offerings and hire more talent, it said.

“Delivering a personalized customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage’s unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers” said Ravi Mehta, Founder and CIO of Steadview Capital, in a statement.