SaaS powerhouse MoEngage just closed a whopping $280 million Series F round with an extra $180 million infusion, signaling massive investor confidence in India’s customer engagement space. Led by ChrysCapital and MUFG-backed Dragon Fund, alongside Schroders Capital and existing backers like TR Capital and B Capital, this Bengaluru-San Francisco firm is now valued at around $850-900 million post-money.
Round Breakdown
Of the fresh $180 million, $57 million fuels primary growth while the rest covers secondary share sales and a $15 million employee liquidity program. That tender let 259 current and former staff cash out partially, rewarding loyalty as the company scales globally. CEO Raviteja Dodda highlighted plans for inorganic buys to boost products, AI enhancements via the Merlin suite, and go-to-market pushes in North America and EMEA.
What MoEngage Does
Founded in 2014, MoEngage delivers an insights-led platform for personalized customer journeys across web, mobile, email, push, SMS, and WhatsApp. It powers marketing, product, and growth teams at over 1,350 brands in 75 countries, blending AI agents for automation, predictive analytics, A/B testing, and real-time segmentation. Clients like Swiggy, Ola, Policybazaar, Domino’s Pizza, and CIMB Bank use it to consolidate legacy tools, cut costs, and drive conversions with features like dynamic recommendations and journey mapping.
Funding History
MoEngage has raised over $500 million total across nine rounds. Key milestones include Series A ($4.3M, Helion, 2015), Series B ($9M, 2018), dual Series C ($25M + $32.5M, 2020-21), Series D ($30M, Steadview, 2021), Series E ($77M, Goldman Sachs/B Capital, 2022), and this extended Series F starting with $100M in November 2025 (Goldman/A91). Early investors like Eight Roads, Matrix, and Ventureast saw selective secondaries here too.
Growth and Financials
Revenue splits show maturity: 30% North America, 25% Europe/Middle East, rest India and beyond, with nearly 800 global employees. The firm crossed $100 million ARR this quarter, posting 30-40% YoY growth lately and 120%+ spikes earlier. Net revenue retention tops 140%, fueled by 350+ new logos yearly and enterprise migrations from fragmented stacks. At 60% traditional enterprises and 40% digital natives, MoEngage thrives as brands chase AI agility.
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