Customer engagement platform: MoEngage to raise $70 Mn at $700 Mn valuation
- ByStartupStory | April 16, 2022
MoEngage, the customer engagement platform is in late stage talks in order to raise a fresh round from new and existing investors.
Within 4 months of its Series D, the new round is coming for the company. To lead a $70-75 million worth round in MoEngage, Goldman Sachs is in advanced conversation. Their stake will also double down in this round by the company’s existing investors.
Companies channel marketing efforts and campaigns to potential customers via email, in-app messaging, SMS and web push notifications with auto-optimisation are help by MoEngage. In order to understand customer behaviour and engage them across channels so as to improve retention and loan-to-value (LTV) ratio, brands leverage MoEngage.
From Steadview and existing backers Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners, the Bengaluru- based company had raised $30 million in December.
Any immediate responses did not elicit any queries sent to MoEngage, Goldman Sachs, Steadview, Eight Roads and Matrix.
To date, the Raviteja Dodda-led company has raised $100 million and during its Series D round, it was estimated to be valued at around $300-350 million. With offices in Boston, London, Berlin and Ho-Chi Minh City and others, MoEngage had 450 employees globally, as of December 2021.
The Tiger Global-backed CleverTap and WebEngage.l are directly competed by MoEngage.
As per its regulatory filings, its Indian entity has booked nearly 17% growth in its scale to Rs 82.1 crore in FY21, while MoEngage is registered in the US. Its losses increased merely 3.7% from Rs 2.44 crore during the last fiscal year (2020) to Rs 2.53 crore in FY21 during the period.
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