MoEngage, a Bengaluru-based customer analytics and cross-channel engagement platform, has raised $30 million in a funding round led by Steadview Capital at twice the valuation from its earlier C1 fundraise of $32.5 million in July, according to the company’s blog posted on Tuesday.
Existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners also participated in the funding round, the company said.
In July, the company had raised funds from Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners, while Exfinity Venture Partners had exited in that round.
“We aim to continue investments in Sherpa, our AI engine, and our predictive capabilities while strengthening our partner ecosystem,” Raviteja Dodda, the chief executive officer of MoEngage, said in the blog post announcing the fundraise.
The company will also expand its global presence and strengthen its customer service and support functions, Dodda added. The company recently opened offices in Boston, London, Berlin and Ho-Chi Minh City and has 500 employees globally, the company said.
Without disclosing specifics, Dodda said that the company has more than doubled its Annual Recurring Revenue (ARR) over the past twelve months.
He added that its realized annualized net retention stood at 140%.
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.
