SaaS platform MoEngage raises $77 million from Goldman Sachs, B Capital, others

MoEngage says it has grown its annualised recurring revenue by more than 105 percent In the last 12 months, and has added 500 new customers. It has also doubled its headcount to more than 650.

MoEngage, an insights-led customer engagement Saas (software-as-a-service) platform, has raised $77 million as a part of its Series E funding round led by Goldman Sachs Asset Management and B Capital, the company said in a statement on June 1.

The funding round also saw participation from the company's existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India, the company said. MoEngage did not reveal the valuation at which it raised the round.

MoEngage said it will use the funds to deepen its geographic footprint in the US, Europe, Asia, and Middle-East markets. The company will also expand in new markets like Latin America and Australia. MoEngage said it will also use the funds to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.

With the latest fundraise, MoEngage has raised close to $140 million to date over the last 12 months. With the latest round, Goldman Sachs Asset Management marked its first investment in an Indian SaaS company.

"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.