Ending a Record-breaking Year: Additional Funding, 2X Growth, and More

  • UPDATED: 18 July 2023
  • 3 min read

Reading Time: 3 minutes

I am excited to share that MoEngage has raised additional funding of $30M led by Steadview Capital, with participation from our existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners. We are excited to welcome Steadview Capital and look forward to working with them.

This new round has come in just six months after our Series C1 funding at almost double the valuation and reaffirms our rapid growth. We continue to see significant demand for and adoption of MoEngage’s Insights-led Customer Engagement Platform.

Some highlights of our growth in the last 12 months:

  • ARR [Annualized Recurring Revenue] more than doubled.
  • Realized Annualized Net Retention of 140% is a strong validation of our product’s tremendous value to our customers. It also indicates the culture of customer obsession across teams at MoEngage.
  • Added 350 new customers, including enterprises such as Domino’s Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop, and digital-first brands like ShareChat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart, Shopsy, SWVL.
  • We recently opened offices in Boston, London, Berlin, Ho Chi Minh City and have close to 500 employees globally.
  • Named a “Strong Performer” in the Q3 2021 Forrester Wave Report for Cross-Channel Campaign Management and a “Leader” in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms.
  • Listed by G2 as “One of the Best Software Companies for 2021” and one of the “Top 50 Software Products for Marketers.”

MoEngage Global Team

In today’s digital-first world, where brands compete based on customer experience, marketers should move away from a “campaign-centric” approach to a “customer-centric” strategy. Our unique insights-led framework helps consumer brands gain deep insights into their customer’s preferences. They can use these insights to build meaningful cross-channel communication across the customer’s lifecycle.

2021: Accelerated product innovation and global scale

Over the last year, we have invested in strengthening our platform’s AI, deep segmentation, and analytics capabilities. Our recent upgrades to Sherpa, our AI- Engine, allow marketers and product owners to gain visibility into customer behavior, likes, channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys, and more.

Best Time to Send and Most Preferred Channel | MoEngage

Marketers can automatically segment customers based on their past transactions, affinities, and lifestyle. Using these insights, marketers can orchestrate contextual communication across the website, mobile app, push notifications, email, WhatsApp, and retargeting.

In addition, we also strengthened our integrations and partner ecosystem with leading players such as Mixpanel, mParticle, Microsoft, Sinch, Adjust, Segment, Appsflyer, Amplitude, TCS, Merkle, and more.

We’re just getting started

We believe that we are just scratching the surface, and our best is yet to come.

We aim to continue investments in Sherpa, our AI engine, and our predictive capabilities while strengthening our partner ecosystem.  We also look forward to expanding our global presence and strengthening our highly-rated customer service and support functions.

To everyone who’s been part of this journey – our investors, customers, partners, and the team – Thank you! It’s been an incredible journey so far, and I look forward to crossing more milestones together in the coming months.

Finally, looking back at 2020 and ’21, I hope that you’ll also feel a sense of accomplishment and satisfaction. I wish you and your families a happy and peaceful holiday season!