Discussing Raising $150–180 Million, Ropes in Avendus: Report

MoEngage is a customer engagement platform.According to reports, MoEngage Datalabs_in-article-icon wants to fund $150–180 million through a combination of primary and secondary transactions. The Goldman Sachs-backed business is in talks with both new and existing backers for the next fundraise, which will value it between $800 and 850 million, according to a Mint article that cited people with knowledge of the situation.The report further added that the company has also roped in Mumbai-based investment banking and asset management firm Avendus Capital to help with the mission. MoEngage has been contacted by Inc42 to provide feedback on the development. The response will be used to update the story. The business intends to use the additional funding to grow its marketing activities in the US, Europe, the Middle East, and Asia. Additionally, it seeks to penetrate more recent markets including Australia and Latin America. There may also be acquisitions planned to expand current offerings.

Nearly a year has passed since it was revealed that Goldman Sachs intended to purchase shares of some of the company's original investors for between $30 and $35 million through a secondary deal. MoEngage is a SaaS-based corporate tech platform that was founded in 2014 by Raviteja Dodda and Yashwanth Kumar. It gives product managers and marketers statistics and insights to help them better understand their customers. It enables users to analyze consumer behavior and interact with them through individualized email, mobile, and web interactions.The firm secured its last Series E fundraising round of $77 Mn co-led by Goldman Sachs and B Capital Group back in 2022. Among its other investors are companies like Z47, Multiples Alternate Asset Management, Eight Roads Ventures, and Steadview Capital. Flipkart, BigBasket, and Airtel are just a few of its clients, and it says it serves over 1,000 customers. The development also occurs at a time when the business is considering moving its headquarters to India and considering listing on Indian stock exchanges. On the other hand, its rival CleverTap is also in the midst of transferring its base to India and just finalized the acquisition of rehook.ai in an undisclosed transaction.