If you are a seller, then one of your greatest priorities is not just attracting customers but retaining them as well. For this, you need to be well aware of customer behavior and trends in the market, as well as engage with customers with personalized communication across channels such as the web, mobile, and email.
This is where Bengaluru-headquartered customer analytics and cross-channel engagement platform MoEngage comes in – its platform centralizes behavioral analytics, insights, and marketing automation to enable sellers and companies to perform the functions mentioned above. And now, it has scooped up $77 million in fresh funding to keep up the good work.
The Series E funding round was led by Goldman Sachs Asset Management (the asset management arm of investment banking company Goldman Sachs Group) and multi-stage global investment firm B Capital Group. This investment also marks the debut of Goldman Sachs Asset Management in the Indian SaaS space (which is slated to grow by 20 times to reach $50-70 billion by 2030).
“We anticipate the continued expansion of the marketing automation and analytics industry. As companies seek to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value,” said Rajat Sood, a Managing Director at Goldman Sachs Asset Management.
The Series E funding round also included the participation of MoEngage’s existing investors, such as Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
The latest bout of funding comes as stalwarts such as Y Combinator and Sequoia Capital have warned founders and startups to tighten their belts and focus on profitability (the days of “growing at all costs is no longer rewarded.
The Series E funding round brings the total amount raised by MoEngage over the past 12 months to nearly $140 million. The previous ones saw the SaaS company raise $32.5 million in July and $30 million in December last year. In the same period, it increased its ARR by more than 105%.
The proceeds from the funding round will be utilized to fuel international expansion and deepen MoEngage’s penetration into the US, Europe, Asia, and Middle-East markets, as well as entry into new ones such as Latin America and Australia. Funds will also be utilized for exploring strategic acquisitions that can help extend its platform capabilities and provide more value to customers.
Today, the SaaS company has an international reach – having over 650 global employees across its offices in various regions such as the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand.
It also includes, among its 1,200+ customers in 35 countries, reputed names such as Sharechat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, and Navi. In the future, it also aims to open offices in Delhi, Mumbai, and Hyderabad.