MoEngage Raises Additional $180M in Series F

San Francisco & Bengaluru | 17th December, 2025

Customer engagement is undergoing a fundamental rewrite. As enterprises move away from legacy marketing clouds and towards unified data platforms that bring product and marketing teams together, MoEngage continues to emerge as the global category leader. For nearly a decade, we’ve partnered with Raviteja Dodda and the MoEngage team on this journey watching them scale with discipline, deepen their product advantage, and build a durable, founder-led culture.

It is against this backdrop of accelerating category momentum that MoEngage today announced an additional $180 million as part of its ongoing Series F round. The raise follows the $100 million secured in November 2025, bringing the total Series F to $280 million. The latest tranche was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital, and continued support from TR Capital and B Capital.

Alongside the fundraise, MoEngage completed its second employee liquidity program, enabling 259 current and former employees to participate in approximately $15 million worth of tender offers. The round also facilitated select secondary transactions for early investors.

MoEngage’s continued momentum is driven by a clear insight: customer engagement is no longer a marketing-only function. Their expanded stack now serves both marketing and product teams through:

• MoEngage Inform: a single API built to power high-reliability transactional communications such as OTPs and account alerts.
  
  
• MoEngage Analytics & Product Insights: enabling teams to understand why users behave in certain ways and immediately trigger engagement journeys that improve onboarding, retention, and LTV.
  

“At MoEngage, we believe our success is a collective effort, built on a culture of ownership and innovation. It is vital that we recognize the people who brought us to this stage,” said Raviteja Dodda, CEO & Co-founder, MoEngage. “This liquidity program reflects that commitment by ensuring that the builders of MoEngage, our employees and early investors, have the opportunity to directly share in the milestones we achieve together. We are grateful for the trust and partnership of ChrysCapital, Dragon Funds, Schroders, TR Capital, and B Capital as we continue to scale globally.”

Tarun Davda, Managing Director at Z47 added “It is exciting to see MoEngage continuing to build one of India’s most globally significant SaaS companies. They are solving one of the biggest organizational gaps in customer engagement, the disconnect between product and marketing teams. We’re fortunate to have partnered with Ravi and the MoEngage team for many years and have seen them consistently execute with discipline: global expansion, deep product innovation, and a culture that rewards long-term ownership. This additional raise is a reaffirmation of MoEngage’s product leadership and we look forward to their next phase of growth.”

Modern customer engagement, Dodda explained, is no longer owned by a single team. Customers move through many interconnected moments, and those moments must feel consistent, contextual, and supportive. As product, engineering, and marketing teams increasingly work from the same data and tools, MoEngage’s platform is designed to help them show up more naturally for their users, uncover the reasons behind behavior, and trigger experiences that strengthen retention and long-term value. This unified approach is now central to how leading consumer brands are building durable customer relationships at scale.

“At Zeta, we are building the modern banking stack for the world’s leading financial institutions. As a data-driven company, we rely on deep customer insights to drive our product strategy,” said Bhavin Turakhia, Co-founder & CEO, Zeta. “MoEngage Analytics has helped us optimize critical journeys like onboarding, activation, and cross-sell, while their messaging capabilities allow us to instantly nudge customers, effectively bridging the gap between insight and action. As a personal user of the product, I am impressed by the constant innovation. Additionally, MoEngage Inform has become essential for powering our mission-critical communications, delivering account and transaction updates with high reliability and speed.”

“MoEngage Inform has become a core part of how we run our e-commerce experience at Loblaw across our lines of business,” said Charu Pujari, SVP, AI and Engineering at Loblaw Digital. “It keeps customers updated on their delivery and pickup orders with the speed and reliability they expect, which has made a meaningful difference in how engaged and confident they feel throughout the process.”
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Rishabh Iyer, Vice President at ChrysCapital, said, “ChrysCapital is excited to partner with MoEngage for its next phase of AI-led growth. This investment aligns with our strategy to back technology platforms, built in India for global enterprises, leveraging deep talent, capital efficiency, and a sophisticated understanding of enterprise needs. We are impressed by MoEngage’s disciplined operating model, sustained US execution, and broad product capabilities. We look forward to helping the team become the world's leading marketing technology platform.”

“We are pleased to partner with MoEngage, impressed by its strong management, continuous product innovation, and durable growth. We believe MoEngage’s best-in-class product and AI capabilities position it well to lead the martech category.” said Ridhi Chaudhary, Chief Investment Officer, Dragon Funds.

“MoEngage sets the bar for innovation by leveraging AI on first-party data, making it essential for marketers. It is a privilege to partner with MoEngage again, having invested previously,” added Aakash Tulsani, Managing Director, Dragon Funds.

MoEngage’s story is one of compounding execution. This new raise reflects not just accelerating market momentum but the depth of foundations the team has built, and positions MoEngage to redefine customer engagement for the next generation of global brands. We’re proud to continue this journey with Ravi and the team as they build a global category leader from India.

About MoEngage

Bengaluru and San Francisco-headquartered MoEngage is an insights-led customer engagement platform, trusted by over 1,350 global consumer brands, including SoundCloud, McAfee, Flipkart, Kayak, Domino’s, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior, enabling them to act on those insights and engage customers across web, mobile, email, social, and messaging channels. Its Merlin AI suite, a team of AI agents, enables marketers to launch campaigns faster and scale conversions with AI Decisioning. Consumer brands across 75 countries utilize MoEngage to deliver digital experiences to over 2 billion consumers every month.

MoEngage recognized as “Customers’ Choice” in Gartner Peer Insights™ Voice of the Customer for Multichannel Marketing Hubs, May 2025

MoEngage was recognized as a “Strong Performer” in The Forrester Wave™: Cross-Channel Marketing Hubs, Q4 2024.

To learn more, visit www.moengage.com

About Z47
Founded in 2006, Z47 is an investment Firm with more than 150 investments till date and an AUM of over $3.5 billion. Guided by a ‘founders first’ philosophy, Z47 is committed to backing missionary founders leading India to its goal of becoming a developed nation by 2047, prioritizing founders over markets. 

Z47’s focus sectors include Financial Services, Consumer, B2B, Advanced Manufacturing and Enterprise AI amongst others. We are proud partners to several Enterprise AI companies; select ones include AtomicWork, Krutrim, MoEngage, Rocketlane, and Toddle. Other select investments include Dailyhunt, Five Star Business Finance, OfBusiness, Ola, Ola Electric, and Razorpay. 

Z47 has offices in Mumbai, Bengaluru, Gurugram and GIFT City.