MoEngage, a customer engagement platform serving consumer brands in 75 countries, has announced it secured new funding led by Goldman Sachs Alternatives, its existing investor, to boost global expansion and integrate more AI into its platform.
In total, $100 million in shares were exchanged, approximately 60% primary and 40% secondary, as part of MoEngage’s Series F round. The funding also marks the entrance of Indian venture firm A91 Partners as a new investor co-leading the round alongside Goldman Sachs Alternatives. MoEngage reports it has now raised a total of $250 million in funding.
As consumer brands depend more on digital channels to connect with customers, the competition for attention has grown. This has pushed companies to leverage existing customer data to offer more personalized marketing. While established marketing platforms still operate in this area, brands now want AI-powered tools that can automate decision-making and minimize manual work. MoEngage aims to fill this space with its Merlin AI suite, designed to help marketing and product teams launch campaigns more quickly and improve targeting efficiency.
“We help B2C brands engage more effectively with their customers by leveraging the first-party data they already have,” said Raviteja Dodda (pictured above), co-founder and CEO of MoEngage, in an interview.
The 11-year-old startup initially focused on India and Southeast Asia for its first seven years. In the last four years, it has broadened its reach to new markets, especially North America, which now accounts for over 30% of its revenue, according to Dodda speaking to TechCrunch. About 25% of the business comes from Europe and the Middle East, with the remaining 45% originating from India and Southeast Asia.
Goldman Sachs’ support in this latest funding round is expected to help strengthen MoEngage’s global presence. The investment bank also co-led the startup’s Series E round of $77 million 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,” Dodda stated. “[Goldman Sachs] leading the round is a strong validation of our fundamentals.”
Techcrunch event
San Francisco
|
October 13-15, 2026
MoEngage has invested significantly in generative AI and decisioning AI capabilities over the past two to three years. These investments are showcased in its Merlin AI suite, which Dodda explained features a variety of AI agents tailored for marketing applications.
Some of these agents function as copywriters, assisting consumer brands in drafting marketing messages, generating multiple campaign versions, and producing text in natural language along with suitable images. The suite also provides decisioning AI tools that help brands decide which customers should receive a particular message or offer, on which channel, and when, Dodda noted.
MoEngage currently supports over 1,350 consumer brands globally, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, and Travelodge, alongside well-known Indian names like Swiggy, Flipkart, Ola, Airtel, and Tata. Approximately 60% of the company’s revenue is generated from traditional enterprises, with the remaining 40% coming from internet-focused firms. The platform also partners with over 25 global banks and several large insurers, such as JPMorgan Chase, Citibank, and India’s largest insurer, Life Insurance Corporation (LIC).
Some of these brands had previously used marketing platforms from established companies such as Adobe, Oracle, and Salesforce. Since then, MoEngage has attracted over 300 of them, contributing to growth in North America and the EMEA regions.
For example, SoundCloud migrated more than 120 million users to MoEngage in 12 weeks, utilizing AI-driven insights to expedite product launches and improve retention among its paying users, according to Hope Barrett, senior director of martech at SoundCloud.
Many of MoEngage’s customers also depended on multiple point solutions to manage specific tasks. The company assisted in consolidating these tools into a single platform to decrease costs and simplify marketing operations.
“If you look at all of our brands, whether it’s a bank or an e-commerce company, they leverage MoEngage to unify all their customer data from all the touchpoints. It could be their offline stores, website, mobile app [or other channels],” Dodda shared with TechCrunch.
While not disclosing precise figures, Dodda mentioned that MoEngage experienced about 40% year-over-year growth last year and aims to maintain a 35% compound annual growth rate (CAGR) over the next three years. The company also anticipates achieving adjusted EBITDA-positive status on a quarterly basis by the end of the current fiscal year.
MoEngage identifies companies like Braze and CleverTap, in addition to legacy marketing clouds from Adobe, Oracle, and Salesforce, as its main competitors.
The startup employs about 800 people across its 15 offices worldwide. It plans to expand its workforce, especially in North America and Europe, by increasing its customer success, support, sales, and marketing teams to strengthen its presence in these markets. MoEngage also intends to develop additional AI capabilities and recruit more talent to support this effort.
MoEngage is planning to be IPO-ready within the next few years, Dodda told TechCrunch, but did not provide a specific timeline for going public.
“We see an opportunity to build a multi-billion dollar revenue company in our space,” he stated.
