Business Wire India
Having recently achieved Amazon Web Services (AWS) Retail Competency, MoEngage, an intelligent customer analytics and cross-channel engagement platform has raised $25 Million in Series C funding. Eight Roads Ventures led the round with participation from its US-based sister fund, F-Prime Capital, along with Matrix Partners India and Ventureast. The new round of funding will be used to deepen relationships in Asia, integrate advanced capabilities into the product mix and scale operations in the USA and Europe, MoEngage’s two fastest-growing markets.
“The latest round of funding will help us reach more brands and empower them with the next-generation customer engagement platform built for the mobile-first world that is easier to use, fully integrated and intelligent,” said Raviteja Dodda, Founder & CEO, MoEngage Inc. “We also welcome the wealth of experience and expertise that Eight Roads Ventures and F-Prime Capital brings into the boardroom with this investment.”
MoEngage centralizes consumer behavioral analytics, insights and marketing automation into one dashboard where brands can engage with their customers across channels and personalize touchpoints.
“The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers. Marketers now need to seamlessly engage with customers in a personalized and real-time manner across different channels,” said Shweta Bhatia, Partner at Eight Roads Ventures. “What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability and top-notch customer support. We are thrilled to partner with Raviteja and his team as they look to expand globally.”
“MoEngage has gained the trust of marquee enterprise customers globally and further strengthened their position as market leaders in the mobile-first customer engagement and analytics space. We’re privileged to have been early partners with Raviteja and the team and to have had a ringside view of their growth journey. We welcome Eight Roads and F-Prime to the partnership,” said Tarun Davda, Managing Director, Matrix India.
MoEngage's AI and automation platform map customer journeys and develops hyper-personalized offers, updates, recommendations and other communications across mobile, web, email and SMS- thus delivering an omnichannel experience. Hundreds of global brands across 35 countries use MoEngage to connect with 400+ million monthly active users, processing over 65+ billion interactions and 40+ billion messages every month.
MoEngage was featured in the Gartner Magic Quadrant for Mobile Marketing Platform twice in a row and has received Highest Overall Customer Ratings (4.6/5) in 2019 Gartner Peer Insights ‘Voice of the Customer’ Report. The company counts several unicorns and enterprise brands as its customers, including the likes of Deutsche Telekom, CIMB Bank, Travelodge, Samsung, McAfee, Vodafone, Future Retail, Landmark Group, Mashreq Bank along with internet-first brands such as Ola, OYO, Bigbasket, and Tokopedia. Today, enterprise clients contribute nearly 50% of MoEngage’s total revenue.
“On our mission to build mobility for a billion people and beyond, we aim to offer a differentiated and personalized customer experience. MoEngage, with its differentiated offering, scalable platform and a customer-first approach, will play an important role in enabling us to deliver contextual and relevant communications to our customers and drive higher customer lifetime value,” said Arun Srinivas, Chief Operating Officer at Ola, an Indian ridesharing company offering services that include peer-to-peer ridesharing, ride service hailing, taxi and food delivery.
