MoEngage raises $77 mn from Goldman Sachs and B Capital

Buyer analytics and cross-channel engagement platform MoEngage has raised $77 million ( 596 crore) in Sequence E funding led by Goldman Sachs Asset Administration and B Capital. Present buyers Steadview Capital, Multiples Alternate Asset Administration, Eight Roads Ventures and Matrix Companions India additionally participated within the spherical.

That is Goldman Sachs Asset Administration’s first guess in an Indian software-as-a-services (SaaS) firm.

MoEngage will use the capital to increase its footprint within the US, Europe, Asia and the Center-East, in addition to getting into new markets like Latin America and Australia. It should additionally discover strategic acquisitions to increase its capabilities and supply extra worth to clients. The Bengaluru-based firm had raised $32.5 million in July and one other $30 million in December.

“Shopper manufacturers are shifting past campaign-centric instruments and adopting an insights-led multi-channel strategy to buyer engagement,” mentioned MoEngage chief government Raviteja Dodda.

Its centralized behavioral analytics, insights and advertising and marketing automation permit clients to have interaction with their purchasers throughout channels and personalize touchpoints. Its clients embody Sharechat, Flipkart, Byju’s, Domino’s, IIFL, Ola, Airtel, Ujjivan Financial institution and Navi.

“We’ve over 1,200 clients throughout 35 international locations and 650-plus international workers in our workplaces in India, the US, the UK, Germany, the UAE, Indonesia, Singapore, Philippines, Vietnam, Malaysia and Thailand,” Dodda, a former Cisco Techniques government.

MoEngage was based by Doda and Yashwanth Kumar in 2014. Earlier the duo had co-founded Pipal Tech Ventures, a tech agency focussed on growing cellular, social and location-based merchandise.

The corporate plans to open workplaces in Delhi, Mumbai and Hyderabad to supply higher help to clients and faucet into the expertise pool exterior Bengaluru. Within the final 12 months, its annualized recurring income (ARR) grew greater than 105%. It added 500 purchasers.

“We anticipate a continued growth of promoting automation and analytics…. MoEngage’s main platform gives entrepreneurs insightful, real-time knowledge…,” mentioned Rajat Sood, managing director Goldman Sachs Asset Administration.

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