MoEngagea customer engagement platform that works with consumer brands in 75 countries, says it has raised new funding led by existing investor Goldman Sachs Alternatives to boost global growth and infuse more artificial intelligence into its platform.
In total, $100 million in equity just traded hands, split roughly 60% primary and 40% secondary, as part of MoEngage’s Series F round. The funding marks the entry of Indian venture capital firm A91 Partners as a new investor leading the round with Goldman Sachs Alternatives. According to MoEngage, it has now raised a total of $250 million in funding.
As consumer brands increasingly rely on digital channels to reach customers, competition for attention has intensified. This has prompted companies to use the customer data they already have to offer more personalized marketing. While established marketing platforms continue to serve this space, brands are now looking to AI-based tools that can automate decision-making and reduce manual work. MoEngage positions itself in this segment with its Merlin AI suite, which helps marketing and product teams launch campaigns faster and improve targeting effectiveness.
“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” said Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, in an interview.
The 11-year-old startup spent its first seven years focusing heavily on India and Southeast Asia. Over the past four years, it has expanded its reach into new markets, particularly North America, which now contributes more than 30% of its revenue, Dodda told TechCrunch. About 25% of the business comes from Europe and the Middle East and the remaining 45% from India and Southeast Asia.
Goldman Sachs’ support in the latest funding will help further strengthen MoEngage’s global presence. The investment bank also co-led the startup Series E round of $77 million together with B Capital in June 2022.
“Today’s investors know the most about the company, in terms of the company’s performance, and they know everything good and bad,” Dodda said. “[Goldman Sachs] Leading the round is a strong validation of our fundamentals.”
Techcrunch event
San Francisco
|
13-15 October 2026
Over the past two to three years, MoEngage has invested heavily in AI production and decision-making capabilities. These efforts are reflected in the Merlin AI suite, which Dodda says includes a number of AI agents built for marketing use cases.
Some of these agents act like copywriters, helping consumer brands compose marketing messages, create multiple variations of a campaign, or create natural language text alongside relevant images. The suite also includes AI decision-making tools that help brands determine which customers should receive a particular message or offer, on which channel and at what time, Dodda said.
MoEngage currently serves over 1,350 consumer brands globally, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, as well as prominent Indian household brands such as Swiggy, Flipkart, Ola, Airtel and Tata. About 60% of the company’s business comes from brick-and-mortar businesses, while the remaining 40% comes from internet-focused companies. The platform also works with more than 25 global banks and several major insurers, including JPMorgan Chase, Citibank and India’s largest insurer, Life Insurance Corporation (LIC).
Some of these brands previously used marketing platforms from incumbents such as Adobe, Oracle and Salesforce. MoEngage has since won over 300 of these, contributing to growth in the North America and EMEA regions.
In one case, SoundCloud migrated more than 120 million users to MoEngage in 12 weeks, using AI-based insights to accelerate product launches and boost retention among its paid users, said Hope Barrett, senior director of martech at SoundCloud.
Several of MoEngage’s customers also relied on multi-point solutions to handle specific tasks. The company helped consolidate these tools into a unified platform to reduce costs and streamline marketing operations.
“If you look at all our brands, whether it’s a bank or an e-commerce company, they’re leveraging MoEngage to unify all their customer data from all touchpoints. It could be the offline stores, the website, the mobile app [or other channels],” Dodda told TechCrunch.
Without disclosing exact figures, Dodda said MoEngage grew around 40% year-on-year last year and aims to maintain a compound annual growth rate (CAGR) of 35% over the next three years. The company also expects to turn adjusted EBITDA positive on a quarterly basis by the end of the current fiscal year.
MoEngage sees the likes of Braze and CleverTap, as well as cloud marketing legacy Adobe, Oracle and Salesforce, among its key competitors.
The startup has about 800 employees in its 15 offices worldwide. It plans to expand its workforce, particularly in North America and Europe, scaling its customer success, support, sales and marketing teams to deepen its presence in these markets. MoEngage also plans to build additional AI capabilities and hire more talent to support this effort.
MoEngage plans to be IPO-ready within the next two years, Dodda told TechCrunch, without sharing a specific timetable for the IPO.
“We see an opportunity to build a multi-billion dollar revenue company in our space,” he said.
