MoEngage Raises $180M More Weeks After $100M Round, Valuation Nears $1B

MoEngage has raised an additional $180 million just weeks after closing a $100 million round, extending a late-stage financing that is largely designed to provide liquidity rather than fuel aggressive expansion.

The latest funding includes $123 million in secondary transactions, allowing existing shareholders and employees to sell stock, alongside $57 million in new capital going directly into the business. As part of the secondary component, the company ran a $15 million employee tender, giving liquidity to 259 current and former staff members.

The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing shareholders TR Capital and B Capital. Several early investors exited partially or fully through the secondary sale, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast.

Valuation and financial position

The transaction values MoEngage at more than $900 million post-money, according to a person involved in the deal. The company is also tracking toward $100 million in annualised recurring revenue this year, though it has not publicly disclosed financial figures.

MoEngage expects to reach EBITDA profitability this quarter, according to co-founder and chief executive Raviteja Dodda, and is targeting around 35% compound annual growth over the next three years.

Where the primary capital is going

The fresh capital entering the business will be directed mainly toward product development and artificial intelligence, rather than sales expansion or market blitzes.

MoEngage plans to invest further in its Merlin AI suite, including the use of AI agents designed to help marketing, product, and engineering teams make faster decisions using customer data. The company is also bundling analytics, engagement, and transactional messaging into a broader product aimed at increasing contract sizes and expanding beyond traditional marketing teams.

Customer engagement, Dodda said, is no longer limited to marketing. Product and engineering teams increasingly rely on the same data to understand user behaviour, retention, and conversion.

Acquisition plans in the West

MoEngage is also setting aside capital for select acquisitions, primarily in the United States and Europe. The focus is on software companies that either complement its engagement platform or bring specialised AI capabilities. The company is also open to acquiring small AI teams to strengthen internal product development.

A global business built with Indian cost discipline

Founded 11 years ago, MoEngage is headquartered in Bengaluru and San Francisco and operates across 75 countries. More than 30% of its revenue comes from North America, around 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.

One factor cited by investors is the company’s ability to compete globally while maintaining an India-based cost structure, which has helped it price competitively in the U.S. market without sacrificing margins.

Liquidity without pressure to list

The heavy use of secondary transactions allows MoEngage to provide returns to early shareholders and employees without forcing a near-term public offering. Dodda said the company does not face pressure to list immediately and expects to consider an IPO in a couple of years, depending on market conditions.

Including this round, MoEngage has now raised about $307 million in primary capital since inception. Avendusadvised the company on the transaction.

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