MoEngage Raises $180M Weeks After a $100M Round

Indian-origin customer engagement platform MoEngage is now valued at $1.25 billion, with the latest close of its follow-on Series F round.

Most of the new funding is from a secondary offering, an indication of robust investor demand while also providing some early shareholders and employees the opportunity to take chips off the table without forcing the company into a swift IPO.

Why This Round Matters for MoEngage and Investors

ChrysCapital and Dragon Funds led the deal, with participation from Schroders Capital and existing backers TR Capital and B Capital; the investment values MoEngage at well over $900 million post-money, according to a person familiar with the transaction. The company is on track to hit around $100 million in annualized recurring revenue, a significant benchmark for an 11-year-old platform fighting global behemoths among lifecycle marketing and analytics.

For growth-stage SaaS, follow-on rounds this close together are rare and usually a sign of either a business that can deploy capital efficiently or an opportunity to clean up the cap table. In this case, the message is a combination of both: MoEngage gets strategic flexibility and continues to compensate those who have helped build the company from its early days in Bengaluru.

How the Money Breaks Down Between Primary and Secondary

Approximately $123 million of the new funding is secondary financing, which includes a $15 million employee tender that will be offered to 259 current and former RippleWorks team members. The other $57 million is primary capital allocated to product expansion and market development. Existing investors in the company including Eight Roads Ventures, Helion Venture Partners, Z47, as well as Ventureast, sold parts of their shares on the offer side of these secondary deals.

It’s a structure we are seeing more and more for late-stage SaaS in India, which enables companies to remain private longer while aligning on incentives. It also reflects a broader venture trend spotted by CB Insights and other market trackers: more mature startups are taking secondary liquidity to dictate their path toward the public markets.

AI Roadmap and Product Ambition for Merlin-Led Growth

MoEngage intends to use new primary capital to continue its investments in Merlin AI, its intelligent suite of capabilities that automate the decisioning, segmentation, and campaign optimization process. The company is deploying AI agents to assist marketers and growth teams in speeding up testing, orchestration, and personalization—places where moving quickly into action often grinds to a halt, weighed down by time-to-insight.

Most importantly, what MoEngage is doing now is getting further into product and engineering workflows by packaging analytics alongside transactional messaging and experimentation. That shift widens the platform’s remit beyond marketing—potentially giving its sales team more chances to increase average contract values and unlock doors into those product-led companies. It also puts MoEngage into more direct competition with analytics and engagement players including Braze, Amplitude, and Salesforce and Adobe’s marketing clouds.

The company is also in the hunt for M&A opportunities in the U.S. and Europe—“especially tuck-in software products and small AI teams that help us accelerate our roadmaps or improve our go-to-market,” he said. Based between Bengaluru and San Francisco, MoEngage already draws more than 30% of its revenue from North America, around 25% from Europe and the Middle East, and approximately 45% from India and Southeast Asia.

The Path to Profitability and IPO Optionality Ahead

Management is expecting to go EBITDA positive this quarter, and estimates about 35% compounded annual growth over the next three years. By generating liquidity today for its earliest investors and employees, MoEngage also lowers the pressure to list and can time any eventual public debut to market conditions or business milestones rather than investor exit windows.

Cost structure is still a competitive lever. MoEngage has an India-focused operating strategy with a sales focus on developed markets, which gives it pricing flexibility and margin headroom against U.S.-based, higher-cost competitors, executives and customers say. That has been the story of India’s SaaS ascent, one that Bain & Company together with software-as-a-service conference SaaSBoomi chronicled in analyzing the ongoing growth of the region’s cloud-based exports.

Competitive Landscape And Customer Signal

There are many vendors that compete with the company in customer engagement, including public comps like Braze, which continues to grow at double-digit rates, and incumbents such as Adobe and Salesforce expanding orchestration of journeys across data and channels. The more traditional marketing tactics that we’re familiar with are days in the past, and today success is based on deep data integration, real-time decisioning, and a measurable lift across acquisition, activation, and retention.

MoEngage cites as evidence of its approach results from enterprise customers in financial services, media, and e-commerce. Executives including Zeta’s Bhavin Turakhia have noted such analytics-powered onboarding and cross-sell enhancements as motivation for standardizing on the platform—endorsements that count at a time when buyers are rationalizing their martech stacks and asking show-me-the-money questions.

What to Watch Next for MoEngage’s Growth and Profitability

Having raised about $307 million in primary capital, along with the brand-new cushion of secondary-driven alignment, MoEngage is now able to push its AI advantage harder, explore strategic acquisition opportunities, as well as expand further into the U.S. and Europe.

What to watch for:

• The rate of Merlin AI adoption.
• Trends in average contract value as product and engineering teams come into focus.
• Whether EBITDA positivity remains intact as the company scales.

If MoEngage is able to capitalize on its global footprint and cost advantage by managing consistent growth while demonstrating AI-driven uplift at scale, it could have the right mix of ingredients that can challenge category leaders—and the optionality to go public when timing makes sense.