Customer engagement platform MoEngage has raised $180 million in a Series F follow-on round just weeks after closing a $100 million fundraise, underscoring strong investor confidence even as global funding remains selective. The latest round was largely structured to provide liquidity, with about $123 million coming through secondary transactions, while $57 million was raised as fresh primary capital. The financing values MoEngage at well over $900 million on a post-money basis.
A notable feature of the round was a $15 million employee tender, which provided liquidity to 259 current and former employees. The transaction was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. The secondary-heavy structure reflects growing maturity in MoEngage’s capital strategy, balancing growth funding with returns for long-standing stakeholders.
Raviteja Dodda, co-founder and chief executive of MoEngage, said the new capital will be deployed to strengthen the company’s artificial intelligence capabilities, particularly its Merlin AI suite. The company plans to scale the use of AI agents to improve marketing effectiveness, decision-making, and operational efficiency across customer engagement workflows. “When you look at customer engagement, it is not necessarily focused on marketing teams. There are product and engineering teams, which also focus on how to make sense of customer behavior and data,” Dodda said. He added that MoEngage is expanding into analytics and transactional messaging to significantly widen its addressable market beyond traditional marketing use cases.
Founded 11 years ago, MoEngage is headquartered in Bengaluru and San Francisco and has steadily built a global footprint. More than 30 percent of its revenue now comes from North America, with the company actively exploring strategic acquisitions in the U.S. and Europe to accelerate its international growth and product depth.
The structure of the round also gives MoEngage flexibility on its path to the public markets. “It gives us the opportunity not to have an urgency with regard to going IPO,” Dodda said. The company is targeting EBITDA profitability in the current quarter and expects to deliver compound annual growth of around 35 percent over the next three years.
With a stronger balance sheet, increasing global revenues, and a sharpened focus on AI-led customer engagement, MoEngage appears to be positioning itself as a long-term, category-defining player—one that can choose its IPO timing while continuing to scale across markets and products.
