MoEngage, a startup based in San Francisco and Bangalore that supports firms acquire an improved understanding of their customers and enhance their engagement. The startup has managed to raise $25 million in the latest financing round as it looks to grow its network in Europe and North America.
The Series C funding was led by Eight Roads Ventures with Matrix Partners India, F-Prime Capital, and Ventureast also participating in the round. The six-year-old startup, which is one of Alchemist alum, has amassed about $40 million to date in terms of funding.
MoEngage provides a product that enables its clients to acquire deeper information about the way their customers or users are engaging with their apps and websites. TechCrunch reported that Raviteja Dodda, founder and chief executive of MoEngage said, “We can, for instance, tell at what time a customer is using the app.”
These insights, which are displayed on one dashboard, could be very beneficial for firms to retain their existing customers or identify optimized ways to attempt to sell more to them.
“Based on your understanding of the customer, you can send them personalized notifications. Say you’re using a ride-hailing app. The firm would now know how often you use their app and at what time you tend to avail of their service. Based on these learnings, they can offer you deals or reminders that could help them improve their conversion rate,” he said.
Today, MoEngage works with several major firms situated in Europe, North America, and Asia. Some of its clients include CIMB Bank, Deutsche Telekom, Travelodge, Samsung, Vodafone, McAfee, retail chain Future Retail, ride-providing service Ola, budget-hotel operator OYO, Bigbasket which is a grocery delivering startup and music streaming service Gaana.
How will the startup use the raised capital?
In total, Dodda stated his startup has accumulated “hundreds of clients” in more than 35 countries and is offering services to over 400 million active users for them every month.
“MoEngage, with its differentiated offering, scalable platform, and a customer-first approach, will play an important role in enabling us to deliver contextual and relevant communications to our customers and drive higher customer lifetime value,” said the chief operating officer at Indian ride-hailing startup Ola, in a statement.
MoEngage, which has a handful of startups competing with it including India-based Clevertap, is going to utilize the fresh capital to spot more customers in North America and Europe and amplify its product operations, according to Dodda.
“What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability, and top-notch customer support. We are thrilled to partner with Raviteja and his team as they look to expand globally,” said Shweta Bhatia, Partner at Eight Roads Ventures.
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