California-based MoEngage Inc., a leading Intelligent Marketing Cloud platform founded by Raviteja Dodda and Yashwanth Kumar, has raised USD 9 million in a Series B funding round led by Matrix Partners India and VenturEast. Existing investors Helion Venture Partners and Exfinity Ventures have also participated in the round.
The AI-based engagement platform has grown by 200% over the past financial year and is targeting an annual recurring revenue of $25M by 2020. More than 65% of the company’s revenue comes from its key markets that include Europe and Middle-East, North America and South-East Asia.
MoEngage will use the freshly infused capital to expand their global presence, further strengthen their data science capabilities and aggressively rollout its integrated marketing technology stack for enterprise clients with user engagement, analytics, and personalization products.
Commenting on the development Raviteja Dodda, Founder & CEO, MoEngage said, “The unprecedented growth in mobile interactions & messaging coupled with heightened customer expectations has created an engagement gap for many brands. At MoEngage, we’ve built an enterprise solution for brands to deliver personalized engagement at any touchpoint, powered by machine learning and it is great to see the validation from all quarters including customers, analysts, and investors.” He further added, “The funding comes at a time when we are looking to establish category leadership in Asia, grow our presence in North America & Europe and enhance our widely recognized AI Engine Sherpa.”
Witnessing an exponential growth in the international market in a short span of four years, Moengage has become one of the fastest growing marketing automation platforms in Southeast Asia. The company has already marked its presence in the territory with the fast-growing internet vertical clientele such as Tokopedia, Traveloka, Viu, OYO, MAP (Mitra Adiperkasa), Tiket.com, Matahari Mall, and Kredivo. Aiming to spearhead the global marketing automation space, MoEngage is stepping up efforts in Malaysia to cater to the increasing demand in the international market. The company now plans to leverage the fresh funds to scale up its operations in Singapore, Malaysia & Indonesia.
The MoEngage Intelligent Marketing Cloud today analyzes more than 30 billion mobile interactions every month, enabling consumer brands to boost user engagement, retention and conversion rates. The analytics give marketers unprecedented insights into the customer psyche, while the company’s robust AI technology optimizes engagement by identifying the right user for the intended message. Consequently, the company reaches over 200 million users each day while delivering over 12 billion interactions every month. In a case study of Viu, one of Asia’s leading over-the-top video service provider, MoEngage’s service was able to increase platform viewership by up to 53%.
“MoEngage helps deliver significantly higher ROI on an enterprise marketer’s time and digital spends. Using a mobile-first approach, MoEngage’s AI-personalization engine uses real-time campaign optimization helping its clients stay ahead in a hyper-competitive world. Over the last 18 months, the team has shown strong growth in international markets, winning key enterprise contracts with market leaders in telecom, retail, BFSI and internet verticals. We are excited to partner with Ravi and Yashwanth in this journey.”, said Tarun Davda, Managing Director, Matrix India.
“VenturEast invests in companies that are leading the revolution in adopting deep-tech like Big Data, ML and AI to solve unique problems. MoEngage is the latest addition to our portfolio. MoEngage’s AI/ML-based innovations enable hyper-personalization at required scale and reliability; MoEngage also has several industry-first innovations to their credit disrupting the traditional marketing cloud offerings,” said Srikanth Sundararajan, General Partner, VenturEast.
MoEngage was recently featured in the prestigious Gartner Magic Quadrant as a purpose-built mobile marketing platform. It is the only Asian company to find mention in this category and is joined by giant enterprise software firms like Salesforce, IBM and Oracle.
Several Fortune 500 companies such as Samsung, Deutsche Telekom, Hearst, Vodafone, and Prudential have joined hands with MoEngage, showcasing confidence in the enterprise capabilities of the platform. Tokopedia, OYO, Traveloka, Airtel-Wynk, and Viu are some other internet-first brands the company is working with, making MoEngage a leading player in the marketing automation space in Asia.
“Our core focus is enabling our customers to engage with us digitally. To accelerate this digital shift, we are re-launching our self-care apps across our European footprint, taking customer care, service discovery, payments, and much more right to our users’ fingertips. MoEngage’s forward-looking engagement platform has been critical in enabling us to deliver contextual, personalized and relevant communications & alerts to our customers, at the right time, based on usage and behavior patterns,” said Jonathan Abrahamson, VP Digitization, Europe, Deutsche Telekom.
“Bridging the gap of credit penetration in Indonesia, we were on the constant lookout for ways to reach users who were in need of our products and services. MoEngage’s purpose-built unified messaging platform helped us segment & target users across channels and successfully reach them with tailored offers and services based on age, income, gender, and other attributes, driving conversions,” said Alie Tan, co-founder and CTO, Kredivo
“At OYO, we are committed towards delivering an unparalleled hotel booking experience to our guests and we feel MoEngage is the right partner who can help us get there with their differentiated offering,” saidPranav Agrawal, AVP – CRM Head, OYO.