Marketing cloud platform MoEngage has raised $9 million (about ₹63 crore) in a Series B funding round led by Matrix Partners and Ventureast, the startup said in a statement on Tuesday. Existing investors Helion Venture Partners and Exfinity Venture Partners also participated in the funding round.
Founded in 2014, MoEngage helps companies channelize marketing efforts and campaigns to potential customers via email, in-app messaging, SMS and web push notifications with auto-optimization. The California- and Bengaluru-based startup offers a machine learning-based enterprise solution that aims at higher conversion rates for it’s clients marketing efforts.
MoEngage plans to use the fresh funding to expand it’s global presence and strengthen its data science capabilities. It will further rollout it’s marketing technology stack for enterprise clients with user engagement, analytics and personalization products.
“Using a mobile-first approach, MoEngage’s AI personalization engine uses real time campaign optimization helping it’s clients stay ahead in a hyper-competitive world. Over the last 18 months, the team has shown strong growth in international markets…” said Tarun Davda, partner and managing director at Matrix Partners India.
MoEngage claims to analyse over 250 million users and 20 billion transactions in a month. It caters to consumer businesses, including Fortune 500 companies such as Samsung Electronics Co. Ltd, Deutsche Telekom G, Vodafone Group Plc. It also counts Oyo (Oravel Stays Pvt. Ltd), PT Traveloka Indonesia, Tokopedia and Airtel-Wynk.
In 2015, the company had raised $4.25 in Series A funding led by Helion Ventures Partners, and additional funding from Exfinity, Snapdeal’s co-founders Kunal Behl and Rohit Bansal, and Taxi4Sure’s founder Raghunandan G.
Till date, it has raised $15.8 million over three funding rounds.
Founded by IIT Kharagpur alumnus, Raviteja Dodda and Yashwanth Kumar, MoEngage’s international market has grown over 10 times with new offices in Jakarta and Berlin.
More than 65% of the company’s revenue comes from keys markets, including Europe and Middle-East, North America and South-East Asia.
“The funding comes at a time when we are looking to establish category leadership in Asia, grow our presence in North America and Europe and enhance our widely recognized AI engine Sherpa,” said Dodda.
Other players in the cloud marketing and analytics industry are Warburg Pincus-backed Capillary Technologies, Sequoia-backed CleverTap and WebEngage, among others.
The AI-based engagement platform has registered a 200% growth in the last financial year and is targeting an annual recurring revenue of $25 million by 2020.
This article was first published on livemint.com