Last month, Bengaluru-based insights-led customer engagement platformraised $77 million funding in a round led by Goldman Sachs Asset Management and B Capital, with participation from its existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
This was the third round of funding raised by the company in the last 12 months, with $32.5 million raised in July and $30 million in December 2021. This was also the first investment by Goldman Sachs Asset Management in an Indian SaaS company.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage is an insights-led customer engagement platform for consumer brands that empowers marketers and product owners with AI-driven insights to create cross-channel experiences that consumers love. It works on a customer-centric approach and enables personalisation at scale across mobile, email, Web, SMS, and messaging channels using AI and in-built analytics.
“When MoEngage started out, we had only one guiding light—to build the world’s most trusted customer engagement platform,” shares Raviteja Dodda, CEO, MoEngage.
But this was not the first venture started by the co-founders. Raviteja Dodda and Yashwanth Kumar were classmates at IIT Kharagpur, where they experimented with small scale startups in the SMS marketing space. But after graduation, they parted ways.
In 2011, Ravi and Yashwanth came together again to set up Delight-Circle, a mobile-first local offers and coupon network. The company saw great success initially, but soon found out that engaging and retaining consumers proved to be challenge.