MoEngage raises $100M to scale AI-led customer engagement globally

San Francisco and Bengaluru | 5th Nov, 2025

We’re thrilled to see MoEngage, our portfolio company and one of India’s standout SaaS exports, continue its global momentum with a $100 million investment led by Goldman Sachs Alternatives and A91 Partners, taking the total capital raised to over $250 million.

We’ve had the privilege of partnering with Raviteja Dodda and the team since the early days of MoEngage and have watched them evolve from a small Bengaluru startup to a category-defining global SaaS platform shaping the future of marketing AI. Their journey captures what we believe defines enduring founders: clarity of vision, patience for product, and the grit to go global on their own terms.

The insights-led customer engagement platform continues its rapid global expansion, with North America now contributing the largest share of its revenue. This round will further accelerate innovation across MoEngage’s Customer Engagement Platform, particularly the Merlin AI suite: a team of AI agents purpose-built to help marketing and product teams at B2C brands launch campaigns faster and scale conversions with AI decisioning. The company will also expand its go-to-market and customer success teams in North America and EMEA to support this next phase of growth.

“Our global momentum on top of our category leadership in Asia, is a validation that consumer brands are moving beyond legacy marketing clouds. Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI-led agility, achieving time-to-value within weeks of migration. These enterprise migrations have accelerated our growth in the North America and EMEA regions,” said Raviteja Dodda, CEO and Co-founder, MoEngage. “We are excited to partner with Goldman Sachs and A91 Partners in this journey,” he added.

Tarun Davda, Managing Director at Z47, added: “Ravi and the MoEngage team have quietly gone about building one of India’s most globally significant SaaS companies: execution-first, customer-obsessed, and deeply product-led. We’re proud to have partnered with MoEngage early and continue to cheer them on as they shape how the world’s largest consumer brands engage their customers. Congrats to the entire team on this milestone and we look forward to their next phase of growth”

Rajat Sood, a Managing Director at Goldman Sachs Alternatives, said “Our investment in MoEngage reflects Goldman Sachs’ commitment to backing category-leading technology platforms that are leveraging AI for serving enterprises globally. By leveraging our global network, expertise, and capital, we look forward to helping the company accelerate growth, expand into new markets, and deliver lasting value to its customers.”

Kaushik Anand, Partner at A91 Partners: “We have gotten to know the MoEngage team over the last six years and have been impressed by their ability to constantly innovate and expand their product offerings. We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships.”

Over the years, MoEngage has built one of the most trusted enterprise software platforms from India, powering SoundCloud, McAfee, Flipkart, Domino’s, and Deutsche Telekom, among over 1,350 global consumer brands. The platform today delivers personalized engagement to more than 2 billion users every month across 75 countries. And global brands are already seeing the impact. 

“MoEngage has been an incredible partner in our growth journey,” said Hope Barrett, Sr. Director of Martech at SoundCloud. “Their platform enabled us to seamlessly migrate more than 120 million users in just 12 weeks and leverage AI-driven insights to accelerate product launches that have strengthened retention across our paid user base.”

What sets MoEngage apart is how they’ve gotten here through deliberate execution, not blitzscaling. As Ravi and Narasimha shared in our Zero to Infinity conversation, they chose margin discipline over vanity metrics, repeatable operations over growth optics, and product velocity over marketing noise. That approach has shaped a category-defining company now leading the next wave of AI-driven marketing globally. Tune into the conversation at the link below.

Congratulations to Ravi, Yashwanth, Narasimha and the entire MoEngage team on this next chapter.

About MoEngage

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 and the ability to act on those insights to engage customers across the 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 use MoEngage to power digital experiences for over 2 billion people 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
Z47 is a “founders-first” venture capital firm with an AUM of $3.5 billion, spanning over 100 investments since 2006. Our commitment is to founders who are determined to lead India to its destiny as a developed nation by 2047. 

Z47’s investment focus includes Fintech, Consumer, B2B Manufacturing, and Enterprise AI. We are proud partners to Five Star Business Finance, Ola, Ola Electric, OfBusiness, Razorpay, Dailyhunt as well as Atomicwork, Krutrim, MoEngage, Rocketlane, and Toddle. 

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