Omni-channel marketing platform MoEngage has raised USD 25 million in fresh funding led by Eight Roads Ventures and F-Prime Capital, with participation from Matrix Partners and Ventureast, local media Economic Times reported.
“The latest round of funding will help us reach more brands and empower them with the next generation of customer engagement platform built for the mobile-first world that is easier to use, fully integrated, and intelligent,” Raviteja Dodda, founder and CEO of MoEngage, said in a statement.
MoEngage said it will use the money to expand in two of its fastest-growing markets, namely the United States and Europe. It will also use part of the funding to expand its operations in Asian markets, including India and Southeast Asia. It counts several Southeast Asian online companies—such as Tokopedia, Bukalapak, and Gojek—as its clients.
The Bengaluru- and San Francisco-based company works with brands to generate analytics and insights about their customers. It helps these brands automate their marketing campaigns. MoEngage allows corporations to leverage its AI-powered platform to target individual customers using information from their past digital footprints. Its dashboard, the company said, is simple for non-tech employees such as marketing managers, to understand and use customer engagement insights for their benefit.
MoEngage claims it connects with more than 400 million monthly active users, and processes over 65 billion interactions and 40 billion messages every month from customers in more than 35 countries.
According to the company, over 50% of its revenue comes from enterprise clients, including Deutsche Telekom, Samsung, McAfee, Vodafone, Future Retail, and Landmark Group. Even digital startups such as Ola, Oyo, Bigbasket, and Tokopedia use MoEngage’s platform to understand their customers better and help them create targeted marketing strategies.
“The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers,” said Shweta Bhatia, partner at Eight Roads Ventures. “What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability, and top-notch customer support.”