Goldman Sachs Doubles Down On Moengage In New Round To Fuel Global Expansion

MoEngage, a customer engagement level that useful pinch user brands crossed 75 countries, says it has raised caller backing led by its existing investor, Goldman Sachs Alternatives, to ramp up world maturation and infuse much AI into its platform.

All told, $100 cardinal successful shares conscionable traded hands, divided astir 60% superior and 40% secondary, arsenic portion of MoEngage’s Series F round. The information marks nan introduction of Indian task patient A91 Partners arsenic a caller investor. According to MoEngage, it has now raised $250 cardinal successful backing altogether.

As user brands progressively trust connected integer channels to scope customers, title for attraction has intensified. That’s pushed companies to usage nan customer information they already person to present much personalized marketing. While established trading platforms proceed to service this space, brands are now seeking AI-driven devices that tin automate decision-making and trim manual labor. MoEngage positions itself successful this conception pinch its Merlin AI suite, which helps trading and merchandise teams motorboat campaigns faster and amended targeting efficiency.

“We thief B2C brands prosecute much efficaciously pinch their customers by leveraging nan first-party information they already have,” Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, said successful an interview.

The 11-year-old startup spent its first 7 years focusing mostly connected India and Southeast Asia. Over nan past 4 years, it has expanded its scope to caller markets, peculiarly North America, which now contributes much than 30% of its revenue, Dodda told TechCrunch. About 25% of nan business comes from Europe and nan Middle East, and nan remaining 45% from India and Southeast Asia.

Goldman Sachs’ backing successful nan latest backing will thief further bolster MoEngage’s world presence. The finance slope besides co-led nan startup’s Series E information of $77 million on pinch B Capital successful June 2022.

“The existent investors cognize nan astir about nan company, successful position of really nan institution performs, and they cognize everything bully and bad,” said Dodda. “[Goldman Sachs] starring nan information is simply a beardown validation of our fundamentals.”

Over nan past 2 to 3 years, MoEngage has invested heavy successful generative AI and decisioning AI capabilities. These efforts are reflected successful its Merlin AI suite, which Dodda said includes a scope of AI agents built for trading usage cases.

Some of these agents enactment for illustration copywriters, helping user brands draught trading messages, create aggregate variants of a campaign, aliases make matter successful earthy connection on pinch applicable images. The suite besides includes decisioning AI devices that thief brands find which customers should person a peculiar connection aliases offer, connected which channel, and astatine what time, Dodda said.

MoEngage’s Merlin AI suiteImage Credits:MoEngage

MoEngage presently serves complete 1,350 user brands worldwide, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, and Travelodge, arsenic good arsenic salient Indian family names specified arsenic Swiggy, Flipkart, Ola, Airtel, and Tata. About 60% of nan company’s business comes from accepted enterprises, while nan remaining 40% is from internet-focused firms. The level besides useful pinch much than 25 world banks and respective ample insurers, including JPMorgan Chase, Citibank, and India’s largest insurer, Life Insurance Corporation (LIC).

Some of these brands antecedently utilized trading platforms from incumbents specified arsenic Adobe, Oracle, and Salesforce. MoEngage has since won complete much than 300 of them, helping thrust maturation successful North America and nan EMEA regions.

In 1 instance, SoundCloud migrated complete 120 cardinal users to MoEngage wrong 12 weeks, utilizing AI-driven insights to accelerate merchandise launches and heighten retention among its paid users, said Hope Barrett, elder head of martech astatine SoundCloud.

Several of MoEngage’s customers besides relied connected aggregate constituent solutions to grip circumstantial tasks. The institution helped consolidate those devices into a unified level to trim costs and streamline trading operations.

“If you look astatine each of our brands, whether it’s a slope aliases an e-commerce company, they leverage MoEngage to unify each their customer information from each nan touchpoints. It could beryllium their offline stores, website, mobile app [or different channels],” Dodda told TechCrunch.

Without disclosing nonstop figures, Dodda said MoEngage grew astir 40% year-over-year past twelvemonth and intends to support a 35% compound yearly maturation complaint (CAGR) this year. The institution besides expects to go adjusted EBITDA-positive connected a quarterly ground by nan extremity of nan existent fiscal year.

MoEngage sees companies specified arsenic Braze and CleverTap, arsenic good arsenic bequest trading clouds by Adobe, Oracle, and Salesforce, among its cardinal competitors.

The startup has astir 800 labor crossed its 15 offices worldwide. It plans to grow its workforce, peculiarly successful North America and Europe, by scaling its customer success, support, sales, and trading teams to deepen its beingness successful those markets. MoEngage besides intends to build further AI capabilities and prosecute much talent to support that effort.

MoEngage plans to go IPO-ready wrong nan adjacent mates of years, Dodda told TechCrunch, without sharing a circumstantial timeline for going public.

“We spot an opportunity to build a multi-billion dollar gross institution successful our space,” he stated.