MoEngage Revenue, Valuation, Funding & Investors
MoEngage is valued at $850M as of December 2025, a 8.5x multiple on its last reported $100M revenue.
Last MoEngage valuation
$850M
Series F · Dec 2025
Last MoEngage funding round
$57M
Series F · Dec 2025
MoEngage revenue
$100M
Series F · Dec 2025
Key investors in MoEngage
Z47
Eight Roads Ventures
F-Prime
B Capital
Goldman Sachs Asset Management
Multiples
About MoEngage
MoEngage is a San Francisco-headquartered provider of cloud-based customer engagement platforms for mobile apps and websites. The platform enables personalized campaigns via email, push notifications, SMS, and in-app messaging with behavioral analytics. Founded in 2014 with roots in Bangalore, MoEngage supports omnichannel orchestration for brands in retail, e-commerce, and fintech sectors across India, Southeast Asia, and the United States.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Dec 2025)
Valuation
$850M (Dec 2025)
MoEngage Valuation
MoEngage is currently valued at $850M, based on its Series F in December 2025.
The $57M round was led by ChrysCapital and Dragon Fund, with participation from TR Capital, Schroders Capital and B Capital.
MoEngage's valuation has grown 1.2x from $700M at its secondary sale in November 2025 to $850M in December 2025, across 4 priced rounds.
MoEngage valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Series F | $850M | 8.5x |
| Dec 2025 | Secondary | $900M | 9.0x |
| Nov 2025 | Series F | $700M | 7.0x |
| Nov 2025 | Secondary | $700M | 7.0x |
MoEngage Revenue
MoEngage's latest recorded revenue is $100M, as of its Series F in December 2025. At a $850M valuation, that implies a 8.5x revenue multiple.
Revenue moved from $100M in November 2025 to $100M in December 2025, while the revenue multiple moved from 7.0x to 8.5x.
MoEngage revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $100M | $850M | 8.5x | Series F |
| Dec 2025 | $100M | $900M | 9.0x | Secondary |
| Nov 2025 | $100M | $700M | 7.0x | Series F |
| Nov 2025 | $100M | $700M | 7.0x | Secondary |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
MoEngage Funding History
MoEngage has raised a total of $277M across 9 funding rounds, plus 2 secondary share sales.
MoEngage's first fundraising round was a $3M seed round in September 2015. The most recent completed round was a $57M Series F in December 2025.
MoEngage funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Series F | ChrysCapital (lead); Dragon Fund (lead); TR Capital; Schroders Capital; B Capital | $57M | $850M | MoEngage is a San Francisco- and Bengaluru-based customer engagement platform for consumer brands, offering an insights-led unified suite including Merlin AI for marketing and product teams across 75 countries. The company serves enterprises shifting from legacy marketing clouds, with demand surging in North America, EMEA, Australia, New Zealand, and Southeast Asia. Revenue breakdown shows about 30% from North America, 25% from Europe and the Middle East, and the rest from India and other markets, with 30-40% year-on-year growth over recent years. On December 17, 2025, MoEngage closed an extended Series F round, adding $180 million to the $100 million raised in November 2025, for a total of $280 million. The latest tranche was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital, TR Capital, and B Capital. Of the $180 million, approximately $123 million was secondary (including $15 million employee tender for 259 current and former employees), and $57 million was primary capital. Early investors like Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast sold shares. The post-money valuation reached around $850 million, with sources also noting 'well over' $900 million. MoEngage crossed $100 million in annual recurring revenue (ARR) in the current quarter and was tracking toward $100 million annualized ARR for the year. The company expects to turn EBITDA positive in the current quarter and targets 35% compound annual growth over the next three years. Funds will accelerate Merlin AI innovation, scale go-to-market teams in North America and EMEA, and support strategic acquisitions for global expansion and product enhancement. MoEngage plans to evaluate IPO options in a couple of years based on market conditions, with the funding reducing IPO urgency. The platform bundles analytics and transactional messaging to boost average contract values and address product/engineering teams alongside marketing. |
| Dec 2025 | Secondary | ChrysCapital (lead); Dragon Fund (lead); TR Capital; Schroders Capital; B Capital | $123M | $900M | MoEngage is an enterprise SaaS company providing a customer engagement platform across web, mobile, email, and messaging channels for consumer brands in 75 countries. It has expanded into North America (30% of revenue), Europe and the Middle East (25%), and other markets including India. In December 2025, MoEngage closed an extended Series F funding round raising an additional $180 million led by ChrysCapital and Dragon Funds, with participation from Schroders Capital, TR Capital, and B Capital, bringing the total round to $280 million following a $100 million tranche in November 2025 led by Goldman Sachs Alternatives and A91 Partners. The deal included $123 million in secondary transactions, featuring a $15 million employee tender offer to 259 current and former employees and sales by early investors like Eight Roads Ventures, Helion Venture Partners, Matrix Partners, Ventureast, and Z47. The transaction valued MoEngage at around $750 million pre-money and well over $900 million post-money. MoEngage crossed $100 million in annual recurring revenue in the current quarter and has sustained 30-40% year-on-year growth. The company expects to turn EBITDA positive in the current quarter and targets 35% compound annual growth over the next three years. Previous funding includes Series E $77 million in 2022 led by Goldman Sachs Asset Management and B Capital, and earlier rounds from 2020-2021. Fresh capital will accelerate innovation in the Merlin AI suite, expand go-to-market teams in North America and EMEA, and support strategic acquisitions for global expansion. |
| Nov 2025 | Series F | A91 Partners (lead); Goldman Sachs Asset Management (lead) | $40M | $700M | MoEngage is an insights-led customer engagement platform for consumer brands, providing AI-powered tools like the Merlin AI suite for campaign decisioning, offer personalization, and cross-channel engagement across web, mobile, email, social, and messaging. It serves over 300 enterprises worldwide in sectors including retail, banking, media, and telecommunications, helping them migrate from legacy marketing clouds like those from Adobe, Oracle, and Salesforce to achieve faster time-to-value. Key competitors include Braze and CleverTap. In November 2025, MoEngage raised $100 million in a Series F round co-led by Goldman Sachs Alternatives (existing investor, previously co-led Series E in 2022) and new investor A91 Partners, comprising 60% primary capital for expansion and platform development and 40% secondary share sales. The blended valuation was $700 million, with primary at $750 million and secondary 15-20% lower; total funding exceeds $250 million. Funds will scale AI marketing agents, hire go-to-market and customer success teams, and expand in North America (now largest revenue share, doubled YoY, ~30%), EMEA, India (~30%), Southeast Asia, and Australia/New Zealand. The company reported 40% YoY revenue growth in the prior period, targeting $100 million ARR by end-2025 and 35% CAGR ongoing, with aims to reach adjusted EBITDA-positive quarterly by fiscal year-end and become IPO-ready in a couple years. North America contributes the major revenue share, followed by Europe/Middle East (25%) and India. MoEngage has ~800 employees across Bengaluru and San Francisco, operating as a US entity, and plans to build a multi-billion dollar revenue business. |
| Nov 2025 | Secondary | A91 Partners (lead); Goldman Sachs Asset Management (lead) | $40M | $700M | MoEngage is an insights-led customer engagement platform for consumer brands, offering AI-powered tools like the Merlin AI suite for marketing automation, personalization, and real-time alerts. It serves over 1,350 global brands including SoundCloud, McAfee, Flipkart, and Deutsche Telekom across 75 countries, with North America now the largest revenue contributor after doubling year-over-year, followed by India, Europe, Middle East, and Southeast Asia. MoEngage raised $100 million in its Series F round in November 2025, co-led by Goldman Sachs Alternatives and A91 Partners, comprising 60% primary capital and 40% secondary transactions. The blended valuation was $700 million, with primary at $750 million and secondary 15-20% lower. Funds will expand AI marketing agents, go-to-market teams, and customer success in North America and EMEA regions. Previously, MoEngage raised $77 million in Series E in June 2022 co-led by Goldman Sachs and B Capital, bringing total funding over $250 million with this round; a later tranche raised the Series F to $280 million. The company reported 40% year-over-year revenue growth, projects $100 million ARR by end of 2025, and aims for adjusted EBITDA-positive quarterly by fiscal year-end while targeting IPO-readiness. |
| Jun 2022 | Series E | B Capital (lead); Goldman Sachs Asset Management (lead); Amicus Capital; Steadview Capital; Multiples; Z47; Eight Roads Ventures | $77M | - | MoEngage is an insights-led customer engagement SaaS platform that empowers marketers and product owners with AI-driven insights for cross-channel experiences using real-time customer data and predictive analytics. The company serves over 1200 customers across 35 countries, focusing on consumer brands to enhance customer lifetime value through personalized campaigns. In its Series E funding round on June 1, 2022, MoEngage raised $77 million led by Goldman Sachs Asset Management and B Capital, with participation from existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This marked the third round in 12 months, following $32.5 million in July 2021 and $30 million in December 2021. The funds were allocated to deepen geographic expansion in the US, Europe, Asia, and Middle East, enter new markets like Latin America and Australia, scale research capabilities, and pursue strategic acquisitions to enhance platform features. MoEngage reported over 105% growth in annualized recurring revenue (ARR), addition of 500 new customers, doubling of headcount to over 650 employees across offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand, and an annualized net revenue retention rate exceeding 135% in the last 12 months prior to the round. The platform was recognized as a 'Strong Performer' in the Q3 2021 Forrester Wave for Cross-Channel Campaign Management. CEO Raviteja Dodda highlighted the shift toward insights-led multi-channel engagement, with innovations like Push Amplification® Plus for superior push notification delivery in Southeast Asia. |
| Dec 2021 | Series D | Steadview Capital (lead); F-Prime; Multiples; Z47; Eight Roads Ventures | $30M | - | MoEngage, an insights-led customer engagement platform, raised $30 million USD in additional funding announced on December 8, 2021, led by Steadview Capital with participation from Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners. The round valued the company at more than double its Series C1 valuation from July 2021, though the specific post-money valuation was not disclosed publicly. The company achieved significant growth metrics in the preceding 12 months, including annualized recurring revenue growth exceeding 120%, annualized net revenue retention of over 140%, and onboarding of 350 new customers including enterprises such as Domino's Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop, and digital-first brands including ShareChat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart Shopsy, and SWVL. MoEngage's platform enables brands to gain insights into customer behavior, funnel analysis, customer journey paths, and cohort analysis, then act on these insights across multiple channels including in-app messaging, web, push notifications, email, WhatsApp, and retargeting. The company had previously stated in August 2021 that its ARR exceeded $20 million with a goal to reach $100 million by 2024. |
| Jul 2021 | Series C | Multiples (lead); F-Prime; Z47; Eight Roads Ventures | $33M | - | - |
| Feb 2020 | Series C | Eight Roads Ventures (lead); F-Prime; Z47; VenturEast | $25M | - | MoEngage is a customer analytics and cross-channel engagement platform founded in 2014, headquartered in Bengaluru and San Francisco, serving B2C brands with AI-driven tools for customer retention and insights across channels. The company raised $25 million (Rs 178 crore) in its Series C funding round around November 2020, led by Eight Roads Ventures with participation from sister fund F-Prime Capital, Matrix Partners, and Ventureast. Funds were allocated to deepen presence in Asia, enhance products, and scale operations in the US and Europe. This followed a $9 million round led by Matrix Partners and Ventureast, and a $4.25 million Series A in 2015 led by Helion Venture Partners. MoEngage powers digital experiences for over 1 billion customers monthly across 35+ countries at later stages. Subsequent funding includes a $77 million Series E in 2022 led by Goldman Sachs Asset Management and B Capital, with participation from Steadview, Multiples, Eight Roads, and Matrix. |
| Dec 2018 | Series B | Startup Equity Partners (lead); VenturEast (lead); Z47 (lead); Exfinity Venture Partners; Helion Venture Partners | $9M | - | MoEngage raised $9 million in its Series B funding round on April 12, 2018, led by Matrix Partners India and VenturEast, with participation from Helion Venture Partners and Exfinity Ventures. The funds were allocated to expand global presence, enhance data science capabilities, and develop an integrated marketing technology stack featuring engagement, analytics, and personalization. At the time, MoEngage served Fortune 500 brands including Samsung, Deutsche Telekom, Hearst, Vodafone, Travelodge, and Aditya Birla Group across the U.S., Europe, and Asia, and was the preferred platform for Southeast Asian consumer businesses like Tokopedia and Traveloka. The platform supported marketers in over 35 countries, processing over 35 billion events and delivering 15 billion interactions monthly, and was featured in Gartner's Magic Quadrant for Mobile Marketing Platforms as the youngest company alongside Salesforce, IBM, and Oracle. |
| Sep 2015 | Series A | Helion Venture Partners (lead); Rohit Bansal; Raghunandan G; Exfinity Venture Partners; Titan Capital; Kunal Bahl | $4M | - | MoEngage raised $4.25 million in Series A funding on September 14, 2015, led by Helion Venture Partners with participation from Exfinity Venture Partners and angels Kunal Bahl, Raghunandan G, and Rohit Bansal. The Bengaluru-based company, founded in July 2014, provides a mobile marketing automation platform for user analytics, personalized push notifications, in-app notifications, and email campaigns to boost engagement for mobile apps. Clients at the time included Snapdeal, TaxiForSure, Gaana, and Redbus, profiling 20 percent of smartphone users in India. The funding aimed to expand into the U.S. market, where MoEngage already had clients like Sell It and SpotHero, and to develop the next iteration of its platform with new features like smart behavioral triggers and uninstall tracking. The company differentiated through advanced user-level personalization and real-time segmentation compared to competitors such as Localytics, Appboy, Kahuna, and Urban Airship. Plans included doubling its product and data science team from 20 members and entering South Asian markets like Indonesia and the Philippines. |
| Sep 2015 | Seed | - | $3M | - | MoEngage, a user analytics and engagement platform for mobile apps, raised $4.25 million in its Series A funding round on September 9, 2015, led by Helion Venture Partners with participation from Exfinity Ventures and angels including Snapdeal co-founders Kunal Bahl and Rohit Bansal, and TaxiForSure co-founder Raghunandan G. The funding brought total capital raised to over $5 million including prior seed rounds. The company, based in Bengaluru with an office in San Francisco, served clients like Snapdeal, Cleartrip, TaxiForSure, Gaana, OYO Rooms, Yatra, redBus in India, and Sell It and SpotHero in the US, profiling one fifth of smartphone users in India and delivering around 1 billion personalized interactions monthly. |
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Who has invested in MoEngage?
21 investors have backed MoEngage across its funding rounds, including Z47, Eight Roads Ventures, F-Prime, B Capital, Goldman Sachs Asset Management and Multiples.
Lead investors include ChrysCapital, Dragon Fund, A91 Partners, Goldman Sachs Asset Management, B Capital and 7 other investors.
MoEngage Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Mumbai | 5 | Lead | Dec 2018 | |
 London | 4 | Lead | Feb 2020 | |
| United States | 3 | Participant | Feb 2020 | |
| Mumbai | 3 | Lead | Jul 2021 | |
| Los Angeles, CA | 3 | Lead | Jun 2022 | |
| New York City, NY | 3 | Lead | Jun 2022 | |
| Mumbai | 2 | Lead | Nov 2025 | |
 Singapore | 2 | Lead | Dec 2025 | |
 Hong Kong | 2 | Participant | Dec 2025 | |
| London | 2 | Lead | Dec 2021 | |
| London | 2 | Participant | Dec 2025 | |
| Hyderabad | 2 | Lead | Dec 2018 | |
| Bangalore | 2 | Participant | Sep 2015 | |
This data is available for Pro users. Sign up to see all 21 MoEngage investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by MoEngage
MoEngage has acquired 1 company to date.
Last acquisition by MoEngage was on June 22nd 2026. MoEngage acquired Aampe for undisclosed valuation.
Latest Acquisitions by MoEngage
| Description | Aampe is a San Francisco-headquartered platform leveraging AI for personalized customer engagement. The company analyzes interaction data across email, web, app, and ads to deliver real-time content adaptations and recommendations. Serving e-commerce and SaaS businesses, Aampe integrates with tools like Segment, Braze, and Google Analytics for multi-channel orchestration. Founded in 2021, it processes billions of events monthly, enabling A/B testing and segmentation without manual rules. Clients report uplift in conversion rates through its no-code experimentation engine. |
| HQ Country | |
| HQ City | - |
| Deal Date | 22 Jun 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all MoEngage acquisitions and their M&A valuation multiples. Start Free Trial | |
MoEngage Competitors
MoEngage competitors include listed companies like Rezolve AI and Deluxe, and private ones like Campaign Monitor, Axtria, Grin and Scaled Cognition.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Nashville, TN | Private | - | - | $850M | - | |
| Berkeley Heights, NJ | Private | - | - | $900M | - | |
| Sacramento, CA | Private | - | - | $910M | - | |
| United Kingdom | Publicly listed | $47M | ($109M) | $950M | 4.0x | |
| Amesbury, MA | Private | - | - | $750M | - | |
| United States | Publicly listed | $2.1B | $379M | $1.1B | 1.2x |
MoEngage Public Comps
MoEngage is still privately-owned, but its public comps include Rezolve AI, Appier Group, Sprout Social, Deluxe, ZoomInfo, Quadient, Beijing Quanshi World, Weimob, Sprinklr and Nordtech Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
| $281M | $44M | 3.4x | 2.9x | 21.6x | 15.7x | |||
| $458M | ($31M) | 1.3x | 1.2x | (18.6x) | 8.1x | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
| $1.2B | $326M | 2.0x | 2.1x | 7.8x | 5.1x | |||
| $1.2B | $100M | 1.1x | 1.1x | 12.8x | 4.8x | |||
| $169M | ($19M) | 2.3x | - | (20.8x) | - | |||
| $237M | ($10M) | 2.1x | 1.9x | (51.7x) | 25.0x | |||
This data is available for Pro users. Sign up to see all MoEngage competitors and their valuation data. Start Free Trial | ||||||||
Common questions about MoEngage
| When was MoEngage founded? | MoEngage was founded in 2014. |
| Where is MoEngage headquartered? | MoEngage is headquartered in San Francisco, CA, United States. |
| Is MoEngage publicly listed? | No, MoEngage is a private, VC-backed company. |
| What is MoEngage's valuation? | MoEngage was last valued at $850M in its Series F in December 2025. |
| How much funding has MoEngage raised? | MoEngage has raised $277M across 9 funding rounds. |
| What was MoEngage's last funding round? | MoEngage's last funding round was a $57M Series F in December 2025, led by ChrysCapital and Dragon Fund. |
| Who are MoEngage's investors? | MoEngage's investors include Z47, Eight Roads Ventures, F-Prime, Multiples, B Capital, Goldman Sachs Asset Management, A91 Partners, Dragon Fund, TR Capital, Steadview Capital and 11 others. |
| What is MoEngage's revenue? | MoEngage's latest recorded revenue is $100M (December 2025). |
| What is MoEngage's revenue multiple? | MoEngage's latest valuation implies a 8.5x revenue multiple ($850M valuation on $100M of revenue). |
| Which companies are comparable to MoEngage? | Companies comparable to MoEngage include Campaign Monitor, Axtria, Grin, Rezolve AI, Scaled Cognition and Deluxe. |
| How many companies has MoEngage acquired? | MoEngage has acquired 1 company, including Aampe. |
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