Moengagea customer engagement platform that works with consumer brands across 75 countries, said it has raised new funding led by new investors, to expand its global growth and infuse more into its platform.
All told, $100 million of shares are only hands, split approximately 60% primary and 40% secondary, as part of the Moengage F Round series. The round marks the entry of Firangan India A91 partner as a new investor. According to Moengage, it has now raised $250 million in funding.
As consumer brands increasingly rely on digital channels to reach customers, the competition for attention has intensified. The company is to use existing customer data to deliver more personalized marketing. As established marketing platforms continue to serve this space, brands are now looking for AI-driven tools that can automate decisions and reduce labor. Moengage positions itself in the Merlin Ai Suite, which helps the marketing and product teams to accelerate and increase the efficiency of the target.
“We help B2C brands be more effective with their customers by using third-party data,” Raviteja Dodda (pictured above), mojing, said in an interview.
The 11-year-old startup spent its first seven years focusing on India and Southeast Asia. Over the past four years, it has expanded to new markets, especially North America, which now contributes more than 30% of its profits, Dodda told techcrunch. About 25% of the business comes from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
Goldman Sachs’ backing in the latest funding will help bolster its global presence even further. Investment banks are also covered initially Series E Round $77 million Together with a capital B in June 2022.
“Investors now know about the company, about how the company is doing, and they know all the good and bad,” Dodda said. “(Goldman Sachs) is leading the round which is validating the fundamentals.”
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Over the past two to three years, Moengage has invested heavily in AI and AI capabilities. That effort is reflected in the Merlin Ai Suite, which Dodda says includes a variety of AI agents built for use cases.
Some of these agents act like copywrators, help with consumer marketing messages, create multiple variants of campaigns, or generate text with related images. The suite also includes decision AI tools that help brands determine which customers should receive a specific message or offer, and channel, and at what time, Dodda said.
Moongage currently serves over 1,350 brands worldwide, including Soundcloud, McEFEE, kayak, Domino, as well as household names, flipkart, ola, Airtel, and tata. About 60% of the company’s business comes from traditional companies, while the remaining 40% comes from Internet-focused companies. The platform also works with more than 25 global banks and several large insurers, including JPMorgan Chase, Citibank, and the world’s largest insurance company, Life Insurance Corporation (LIC).
Some of these brands previously used marketing platforms from Incumbents such as Adobe, Pinta, and Salesforce. Moengage has since won more than 300 of them, helping to grow in North America and the Emea region.
In one of them, SoundCloud transferred more than 120 million users to Moengage in 12 weeks, using vigilance in paid users, said that the bait, director Barrett, Director of SoundCloud at SoundCloud.
Some Moengage customers also rely on multiple point solutions to handle certain tasks. The company helps to integrate these tools into an unrelated platform to cut costs and operations of application marketing.
“If you look at all brands, whether it’s a bank or an e-commerce company, they can use all of their customer data, websites, mobile apps (or other channels),” Dodda said.
Without revealing exact figures, Dodda said Moengage grew by around 40% last year and aims to maintain a 35% compound annual growth rate (CAGR) over the next three years. The company also expects to be adjusted EBBA-positive on a quarterly basis by the end of the current fiscal year.
Moengage sees companies such as braze and clevert, as well as legacy marketing clouds with adobe, oracle, and salesforce, among its key competitors.
The startup has around 800 employees across 15 offices. The plan is to expand the workforce, especially in North America and Europe, by reducing the success, support, sales, and marketing teams to increase in these markets. Moengage is also looking to build additional AI capabilities and hire more talent to support these efforts.
Moengage plans to be IPO-ready in the next few years, Dodda told Techcrunch, without revealing a specific timeline for going public.
“We see an opportunity to build multi-billion dollar revenue in our space,” he said.