Indian customer engagement platform MoEngage raises $32.5m Series C1

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Bengaluru-based MoEngage, an insights-led customer engagement platform, announced a fresh Series C1 fundraise of $32.5 million led by Multiples Alternate Asset Management.

Existing investors Eight Roads Ventures, F-Prime Capital, and Matrix Partners also participated while Exfinity Venture Partners made an exit in this round.

“The funding will support and accelerate its global growth strategy and further strengthen the product’s artificial intelligence (AI) and predictive capabilities. Over 1,000 global consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month,” the company said in a statement.

MoEngage said it has added over 250 new customers in the past year. It counts large brands such as McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, Byju’s, Flipkart, CIMB Bank, and JD.ID as customers.

“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation,” said Raviteja Dodda, co-founder and CEO of MoEngage.

As part of this funding round, MoEngage also completed an employee stock option plan (ESOP) buyback of $1.5 million for its current and former employees to acknowledge their belief in the vision and contribution over the years. This is the first ESOP buyback by the company or its investors.

The article was first published on livemint.com.

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.