India: MoEngage raises $9m Series B funding led by Matrix Partners, Ventureast

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

 

Also Read:

India: Analytics platform MoEngage raises $4.25 million from Helion Venture, others

India: Snapdeal’s ex-products head Anand Chandrasekaran invests in MoEngage

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.