MoEngage Secures $180 Million in New Funding, Valuation Soars Past $900 Million

Customer engagement platform MoEngage has secured $180 million in fresh capital. The Series F follow-on round was announced this week. The funding comes just over a month after the company raised $100 million.

The deal values the startup at well over $900 million. A majority of the funding provided liquidity to early investors and employees. This strategic move gives the company flexibility for its future growth plans.

Funding Breakdown and Strategic Investor Exit

The $180 million round had a significant secondary component. According to details from TechCrunch, about $123 million was used for secondary transactions. This included a $15 million tender offer for 259 current and former employees.

The remaining $57 million entered the company as primary capital. The round was led by ChrysCapital and Dragon Funds. They were joined by Schroders Capital and existing backers TR Capital and B Capital.

Early investors like Eight Roads Ventures and Helion Venture Partners sold shares. This secondary structure allowed some early backers a full exit. Ventureast, for example, reported a roughly 10-times return on its investment.

AI Expansion and Path to Profitability

MoEngage plans to aggressively invest in its AI capabilities. CEO Raviteja Dodda stated the capital will fuel the Merlin AI suite. The focus is on developing AI agents to boost marketing team efficiency.

The company is also expanding its target customer base. It aims to serve product and engineering teams, not just marketers. Bundling analytics with messaging tools is a key strategy to increase contract values.

MoEngage expects to become EBITDA positive this very quarter. The company is targeting steady growth over the next three years. An IPO remains a goal, but the recent funding removes any immediate urgency.

The startup is also eyeing strategic acquisitions in the U.S. and Europe. It seeks software companies that complement its platform. Acquiring small AI teams is another priority to enhance its offerings.

This latest $180 million infusion solidifies MoEngage’s position in the competitive customer engagement software market, providing the fuel for its ambitious AI-driven expansion and a clear path toward sustained profitability.

Thought you’d like to know

How much funding did MoEngage just raise?

MoEngage raised $180 million in a Series F follow-on round. The deal was led by ChrysCapital and Dragon Funds. It values the company at over $900 million.

Did early investors get to exit in this round?

Yes, a large portion was used for secondary transactions. This allowed early backers like Eight Roads Ventures to sell shares. Ventureast fully exited with a 10x return on its investment.

What will MoEngage use the new funding for?

The primary capital will fund AI development and potential acquisitions. The company is investing heavily in its Merlin AI suite. It also plans to buy complementary software firms in the U.S. and Europe.

Is MoEngage profitable yet?

The company expects to turn EBITDA positive in the current quarter. It is targeting strong compound annual growth. The new funding provides a long runway without needing an immediate IPO.

Where does MoEngage generate its revenue?

Over 30% of revenue comes from North America. Europe and the Middle East contribute about 25%. The remaining 45% is from India and Southeast Asia.