MoEngage raises $100M Series F to double down on AI-powered customer engagement.
The round is roughly 60 percent primary capital and 40 percent secondary capital, and A91 Partners is a new investor. The new raise brings MoEngage’s total funding to $250 million as it rapidly expands in North America and Europe and continues to develop its suite of Merlin AI products.
Why Goldman Sachs Is Reupping Its MoEngage Investment
Goldman Sachs co-led MoEngage’s $77 million Series E as well, and its co-lead position this time around is a bet that’s based on conviction around the company’s execution and fundamentals. MoEngage now has more than 1,350 consumer brands in 75 countries on its platform, having seen increasing traction from corporates that are looking for one platform to handle their messaging, analytics and orchestration on top of their own first-party data.
The customer victories over incumbent marketing clouds underscore that momentum. MoEngage said it has replaced legacy stacks from companies like Adobe, Oracle and Salesforce at hundreds of accounts, a change that has been fueled by marketers’ quest to experiment more quickly and automate decisioning. In a category with high switching costs, repeat backing from an inside investor is a significant endorsement.
AI and first-party data are at the core of MoEngage
Central to MoEngage’s pitch is Merlin AI, an ensemble of agents to assist teams with ideas, production and optimization of campaigns. Copy and creative assistants generate message variants and assets, and decisioning models determine which customers to target, at what channel and at what time. The company notes that those models are built on top of first-party data from a brand, lessening dependence on disappearing third-party signals and allowing more privacy-resilient personalization as a result.
Real-world results help build the case. SoundCloud transferred more than 120 million user profiles to MoEngage within 12 weeks, using AI-based insights that have powered faster product pushes and enhanced retention for paid listeners. Other clients include McAfee, Kayak, Domino’s, Deutsche Telekom and Travelodge, in addition to Indian majors such as Swiggy, Flipkart, Ola, Airtel and LIC. Financial services traction is where things get interesting: Over 25 global banks and large insurers use the platform, a clear vote of confidence for data governance and reliability.
Go-to-market momentum and MoEngage’s geographic expansion
MoEngage has a revenue mix of about 60 percent traditional enterprises and 40 percent internet-first companies, a balance that gives the start-up exposure to both permanent budgets and suddenly fast-growing digital brands. The company has 15 offices and around 800 employees and will hire in the areas of customer success, customer support, sales, and marketing to further expand its penetration of North America and Europe. Many buyers are still piecing together point solutions for journey orchestration, messaging and analytics; MoEngage is going for consolidation as a cost and speed play.
The company has been growing at ~40% y-o-y in the last year and is aiming for a 35% CAGR over the next three years. It expects to achieve adjusted EBITDA positivity on a quarterly basis by the end of the current fiscal year, an increasingly relevant milestone given how software investors are now prioritizing efficiency and payback over pure top-line expansion.
Competition and market dynamics shaping MoEngage’s path
The competitive set includes cloud-era specialists like Braze and CleverTap, along with the wider marketing clouds of Adobe, Oracle and Salesforce. The battlefields are common ones: time-to-value, AI-fueled journey optimization, and total cost of ownership. With privacy regulations becoming increasingly stringent and third-party identifiers retreating, vendors that can operationalize first-party data without cumbersome service layers are winning customers. MoEngage, which allows companies to better understand their customers, is using embedded AI paired with native tools in a push that takes marketing from insight to action in fewer steps.
De-risking migrations is still key for large businesses. Case studies like the SoundCloud move, which collapse cutover timelines, provide a playbook, particularly for media, retail, and financial services organizations that conduct high-volume, multichannel journeys and can’t have much downtime or wonky personalization.
What the new capital brings to MoEngage’s next phase
The first tranche of capital will support go-to-market acceleration and R&D in decision intelligence, generative tooling and data governance, where increased model accuracy and automation can directly impact conversion and retention. Watch for additional prebuilt AI agents for vertical use cases, deeper integrations with data warehouses and customer data platforms, and features that cater to regional data residency requirements.
The second part offers liquidity to early employees and shareholders at a critical time, which can support retention while leaving room for new executive leadership hires in strategic markets. “With A91 joining the cap table and Goldman Sachs anchoring the round, MoEngage is now poised to further leverage its advantage as enterprises continue to replatform around first-party data and measurable, AI-based engagement.”
The message is clear: investor confidence in AI-native marketing infrastructure is increasing, and MoEngage wants to nail its trajectory toward global scale and durable, profitable growth.
