Matrix-backed MoEngage raises $25 mn Series C round

Matrix-backed MoEngage raises $25 mn Series C round
L-R:- Yashwanth Kumar and Raviteja Dodda
11 Feb, 2020

User analytics and engagement platform for mobile apps MoEngage has raised $25 million in a Series C funding round led by Eight Roads Ventures, with participation from its US-based sister fund F-Prime Capital.

Returning investors in the round included venture capital firms Matrix Partners India and Ventureast.

Capital from the fundraise will be used by the firm to deepen its relationships in Asia, integrate advanced capabilities into the product mix and scale operations in the USA and Europe, it said in a statement.

“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… (It) is easier to use, fully integrated and intelligent. We also welcome the wealth of experience and expertise that Eight Roads Ventures and F-Prime Capital bring into the boardroom with this investment,” Raviteja Dodda, founder and CEO, MoEngage, said.

The firm had earlier raised $9 million in a Series B round led by Matrix and Ventureast in 2018. Before that, it had raised $4.25 million in a Series A round led by Helion Venture Partners. In 2016, it received an undisclosed amount of investment from Facebook executive Anand Chandrasekaran, who also joined the firm's advisory board.

Launched in 2014 by IIT Kharagpur alumni Dodda and Yashwanth Kumar, MoEngage helps mobile app companies by centralising consumer behavioral analytics, insights and marketing automation into one dashboard where brands can engage with their customers across channels and personalise touch points. Its artificial intelligence (AI) and automation platform maps customer journeys and develops personalised offers, updates, recommendations and other communications across mobile, web, email and SMS.

“The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers. Marketers now need to seamlessly engage with customers in a personalised and real-time manner across different channels. 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,” Shweta Bhatia, partner at Eight Roads Ventures, said.

MoEngage claims to process over 65 billion interactions and over 40 billion messages every month. It counts several unicorns and enterprise brands, including Samsung, McAfee, Vodafone, Future Retail, Landmark Group and Mashreq Bank, along with internet-first brands such as Ola, OYO and BigBasket, as its customers.

“MoEngage, with its differentiated offering, scalable platform and a customer-first approach, will play an important role in enabling us to deliver contextual and relevant communications to our customers and drive higher customer lifetime value," Arun Srinivas, chief operating officer at Ola, said.

“MoEngage has gained the trust of marquee enterprise customers globally and further strengthened their position as market leaders in the mobile-first customer engagement and analytics space. We’re privileged to have been early partners with Raviteja and the team, and to have had a ringside view to their growth journey. We welcome Eight Roads and F-Prime to the partnership," Tarun Davda, managing director, Matrix India, said.