MoEngage, a Bengaluru-based customer analytics and cross-channel engagement platform, has raised $32.5 million (Rs 242 crore) in a Series C1 round led by Multiples Alternate Asset Management.
The round also saw Eight Roads Ventures, F-Prime Capital, and Matrix Partners. Exfinity Venture Partners exited in this round.
The funds will be used to strengthen the product’s artificial intelligence and predictive capabilities.
“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue have doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation.” said Raviteja Dodda, co-founder and CEO.
As part of this funding round, MoEngage has also completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million for its current and former employees. This is the first ESOP buyback by the company.
MoEngage said it has over 1,000 global consumer brands across 35 countries that use its product to power digital experience for over 900 million users every month.
The firm said it has added over 250 new customers in the past year, including McAfee, Nestle, Domino's, Deutsche Telekom, Travelodge, Ally Financial, Byju's, and Flipkart.
The company with over 375 employees has offices in the UK, Germany, and Vietnam with plans to open offices in New York and Boston this year.