MoEngage, a B2B startup that primarily focuses on the customer engagement space, raised US$25 million in series C round led by Eight Roads Ventures with participation from its US-based sister fund, F-Prime Capital. Some of the other participants in this round included Matrix Partners India as well as Ventureast. MoEngage has raised a total of US$40.8 million to date.
MoEngage was started in 2014 by Raviteja Dodda and Yashwant Kumar, both alumni of IIT Kharagpur. MoEngage stands for “More Engagement.” Initially, their headquarters was in Bangalore, India, but later, they shifted it to San Francisco, United States. The company also has offices in Jakarta, London, and Berlin.
MoEngage is an intelligent customer engagement platform that analyzes user behavior, engages across various channels, and personalizes every touchpoint.
The platform facilitates customer behavior analysis via an interactive dashboard consisting of funnels, trends, and cohorts. It maps critical junctures of a customer’s journey, identifies drop-off points, and helps a company understand the exact reason for customer churn. The platform leverages cutting-edge technology and predictive models to segment customers into distinct groups – “price-sensitive,” “champions,” “churn risk,” and many more.
Sherpa, MoEngage’s world-class AI engine, leverages the power of AI to optimize campaigns for maximum user engagement. The platform ensures personalization, which is spot on and delights clients.
“The latest round of funding will help us reach more brands and empower them with the next-generation customer engagement platform built for the mobile-first world that is easier to use, fully integrated, and intelligent,” said Raviteja Dodda, Founder and CEO, MoEngage.
Shweta Bhatia, Partner, Eight Roads Ventures, said, “What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability, and top-notch customer support.”
Interestingly, some of the well-known Fortune 500 companies across 35 countries, such as Deutsche Telekom, Samsung, Vodafone, and McAfee, are its customers. Also, some of the internet-first companies such as Ola, Oyo, Tokopedia, and BigBasket use their next-gen technology platform to drive customer engagement. Nearly 50 percent of the total revenue of MoEngage comes from its enterprise clients.
MoEngage also featured in the Gartner Magic Quadrant as one of the best mobile marketing platforms twice in a row and has received the highest overall customer ratings (4.6/5) in 2019 ‘Voice of The Customer’ report of Gartner Peer Insights. It recently secured Amazon Web Services’ retail competency’ as well.