Goldman Sachs Asset Management and B Capital led a $77 million Series E round for customer interaction platform MoEngage. This is the first investment by Goldman Sachs Asset Management in an Indian Software as a Service (SaaS) company.
The financing was also supported by existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India.
This is the third round of funding for MoEngage in the last year. In July 2021, it raised $32.5 million, and in December of last year, it raised $30 million.
“We accelerated global expansion in the last 18 months, and increased investments in the US and Europe region,” Raviteja Dodda, CEO of MoEngage, told as per sources.
He stated that the cash would be used to expand the company’s research capabilities as well as for prospective strategic acquisitions that will help it expand its platform capabilities.
Companies are investing more in establishing and digitising customer interaction platforms, according to Dodda, and attempting to communicate with customers across many contact points. According to him, this was fueling the company’s growth in India as well as abroad.
MoEngage has increased its annualised recurring revenue (ARR) by more than 105 percent in the previous year, recruited 500 new clients, and increased its staff to more than 650 people, according to the company. It has a nett revenue retention rate of over 135 percent on an annualised basis.
Currently, MoEngage has over 1,200 clients in 35 countries.
