Goldman Sachs doubles down on MoEngage in new round to fuel global expansion

MoEngage, a customer engagement platform that works with consumer brands across 75 countries, says it has raised new funding led by its existing investor, Goldman Sachs Alternatives, to ramp up global growth and infuse more AI into its platform.

All told, $100 million in shares just traded hands, split roughly 60% primary and 40% secondary, as part of MoEngage’s Series F round. The round marks the entry of Indian venture firm A91 Partners as a new investor. According to MoEngage, it has now raised $250 million in funding altogether.

As consumer brands increasingly rely on digital channels to reach customers, competition for attention has intensified. That’s pushed companies to use the customer data they already have to deliver more personalized marketing. While established marketing platforms continue to serve this space, brands are now seeking AI-driven tools that can automate decision-making and reduce manual labor. MoEngage positions itself in this segment with its Merlin AI suite, which helps marketing and product teams launch campaigns faster and improve targeting efficiency.

“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, said in an interview.

The 11-year-old startup spent its first seven years focusing largely on India and Southeast Asia. Over the past four years, it has expanded its reach to new markets, particularly North America, which now contributes more than 30% of its revenue, Dodda told TechCrunch. About 25% of the business comes from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.

Goldman Sachs’ backing in the latest funding will help further bolster MoEngage’s global presence. The investment bank also co-led the startup’s Series E round of $77 million along with B Capital in June 2022.

“The current investors know the most about the company, in terms of how the company performs, and they know everything good and bad,” said Dodda. “[Goldman Sachs] leading the round is a strong validation of our fundamentals.”

Over the past two to three years, MoEngage has invested heavily in generative AI and decisioning AI capabilities. These efforts are reflected in its Merlin AI suite, which Dodda said includes a range of AI agents built for marketing use cases.

Some of these agents act like copywriters, helping consumer brands draft marketing messages, create multiple variants of a campaign, or generate text in natural language along with relevant images. The suite also includes decisioning AI tools that help brands determine which customers should receive a particular message or offer, on which channel, and at what time, Dodda said.