SaaS startup MoEngage secures $77 mn in Series E round funding led by Goldman Sachs & B Capital
- ByStartupStory | June 2, 2022
Goldman Sachs Asset Management and B Capital secured the $77 million Series E fundraising round for customer interaction platform MoEngage. This is the first investment by Goldman Sachs Asset Management in an Indian Software as a Service (SaaS) company. The round was also attended by existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This is MoEngage’s third investment round in a year. In July 2021, it raised $32.5 million, and in December of last year, it raised $30 million.
MoEngage CEO Raviteja Dodda stated that in the previous 18 months, we have accelerated our worldwide expansion and boosted our investments in the United States and Europe. He also stated that the cash will be used to expand the company’s research capabilities as well as for prospective strategic acquisitions that will help it extend its platform capabilities. Companies, according to Dodda, are investing more in establishing and digitising their customer interaction platforms, as well as attempting to communicate with customers across multiple contact points. This was fueling the company’s expansion in India as well as abroad, he added.
MoEngage has increased its annualised recurring revenue (ARR) by more than 105% in the previous year, recruited 500 new clients, and more than quadrupled its employment to more than 650 employees. It has a net revenue retention rate of more than 135% on an annualised basis. MoEngage now has over 1,200 clients in 35 countries.
Rajat Sood, the managing director at Goldman Sachs Asset Management businesses said that he seeks to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, real-time data, allowing them to orchestrate and run effective campaigns to build and retain customer relationships and increase customer lifetime value.
Kabir Narang, the founding general partner at B Capital Group stated that MoEngage is an AI-first platform that assists businesses in customer retention and provides insights on user experiences across channels. It also enables organisations to engage and retain over one billion platform users globally.
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