MoEngagea customer engagement platform used by consumer brands in 75 countries, announced a $180 million Series F transaction, just over a month after securing $100 million, with the majority of the latest funding providing liquidity to investors and employees through secondary transactions.
In the latest raise, about $123 million was secondary, including a $15 million employee tender that provided liquidity to 259 current and former employees, while the remaining $57 million was raised as seed capital and injected into the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers including Eight Roads Ventures, Helion Venture Partners, Z47 and Ventureast sold shares in the secondary trading.
The deal valued MoEngage at “well over” $900 million post-money, per a person close to the deal, who added that the startup was eyeing $100 million in annual recurring revenue this year. MoEngage did not disclose these details.
MoEngage plans to use the new capital to further invest in its Merlin AI suite and expand its use of AI agents to improve decision-making and efficiency for marketing teams, Raviteja Dodda (pictured above), co-founder and CEO, said in an interview. The startup is also pushing deeper into product and engineering teams by bundling its analytics and messaging tools into a broader offering, a move it expects to increase average contract values and expand its addressable market.
“When you look at customer engagement, it’s not necessarily focused on marketing teams. There are product and engineering teams, which are also focused on how to understand customer behavior and data,” said Dodda.
MoEngage also plans to use some of its new capital raising to pursue strategic acquisitions, particularly in the US and Europe, targeting software companies that complement its customer engagement platform or help accelerate its expansion in those markets. It is also targeting small AI teams to boost its intelligence-led offerings.
The 11-year-old startup, which has its headquarters in Bengaluru and San Francisco, already gets more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
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The secondary-heavy structure of MoEngage’s raise reflects its late-stage status, allowing early investors and employees to get liquidity without forcing the company into a short-term IPO. This approach gives MoEngage flexibility to choose its next steps based on business priorities rather than investor exit timelines.
“It gives us an opportunity to not have any urgency in terms of going public,” Dodda said, adding that the startup still aims to go public in a few years, depending on market conditions and other factors.
MoEngage expects to turn earnings before interest, taxes, depreciation and amortization (EBITDA) positive this quarter and is targeting compound annual growth of around 35% over the next three years, Dodda said.
Bhavin Turakhia, co-founder and CEO of fintech company Zeta, a client of MoEngage, said the startup’s analytics and messaging tools have helped it improve onboarding, activation and cross-selling across key customer journeys.
The secondary component of the round also allowed some early investors to fully exit. Ventureast, which MoEngage backed in 2018, is one of them. The VC firm saw a roughly 10x return on its investment on a compounded basis, partner Vinay Rao told TechCrunch.
Rao said that while many global customer engagement companies operate with cost structures geared towards the US market, MoEngage has maintained an India-based cost structure, which he said has helped it compete more effectively in the US while scaling the business.
With the latest round, MoEngage has raised approximately $307 million in seed funding to date. Avendus informed MoEngage of the transaction.
