Moengage, an insights-led customer engagement platform has just announced that it has raised $32.5 million (Rs 241.7 crore) in a funding round, led by Multiples Alternate Asset Management. Existing investors Eight Roads Ventures, F-Prime Capital and Matrix Partners, also participated, while Exfinity Venture Partners made a healthy exit in this round, a statement said.
The funding will support and accelerate MoEngage’s global growth strategy and further strengthen the product’s AI and predictive capabilities, it added.
As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million for its current and former employees. MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, BYJU’S, Flipkart, CIMB Bank and JD.ID as customers.
This funding will help the company further accelerate its global growth and product innovation. The company also plans to invest in strengthening the partnership ecosystem and the #GROWTH Peer-to-Peer learning community, as reported through a statement.