Matrix-backed MoEngage raises Series D round led by Steadview Capital

8th December, 2021. Bengaluru: MoEngage, the insights-led customer engagement platform, today announced that it has raised Series D funding of $30M. This round was led by Steadview Capital, with participation from the company's existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital and Matrix Partners India.

MoEngage will continue to invest in AI-powered and insights-driven cross-channel engagement solutions. With MoEngage marketers in consumer brands can gain deep insights into their customer behavior, likes, preferences, journeys and then meaningfully engage them with contextual cross-channel communications across the customer lifecycle.

"Our vision is to create the most trusted customer engagement platform that enables brands to personalize every customer interaction' said Raviteja Dodda, Co-Founder and CEO of MoEngage. "This growth and funding is a validation of our vision and product innovation - particularly, Sherpa, our AI Engine, has been a game changer. We are excited to welcome Steadview Capital and look forward to working with them.'

Sherpa, by MoEngage, allows marketers and product owners to gain visibility into customer behavior, their likes, their channel preferences, the optimal frequency and timing of messages, product or content preferences, ideal cross-channel journeys and more. Marketers can automatically segment their customers, not just based on their past transactions, but also on their affinities and lifestyle - and orchestrate contextual communication campaigns across the website, mobile app, push notifications, email, WhatsApp, and retargeting.

"MoEngage has helped us engage our customers contextually based on their shopping habits and behavior. We have seen significant uplifts in customer engagement and lifetime value. We feel confident that with the deep domain experience and algorithms that MoEngage brings to the table, we will be able to drive a better experience for our customers.' Said Mahadevan Iyer, SVP - Group CRM & Analytics, Landmark Group, India.

The additional capital will also be used to further accelerate growth. The company has scaled rapidly in the last 12 months and has doubled its headcount to 450 employees globally. It recently opened offices in Boston, London, Berlin and Ho-Chi Minh City and will continue to invest in growing its team, the partnership ecosystem and the #GROWTH community program.

"Delivering a personalized customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage's unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers." Said Ravi Mehta, Founder and CIO of Steadview Capital.

"Enterprises around the world are embracing Digital with a renewed sense of urgency, MoEngage has strengthened its position as a trusted partner & market leader in the insights-led Customer Engagement space. We're privileged to be early partners, look forward to the next phase of growth and welcome Steadview Capital to the partnership." Commented Tarun Davda, Managing Director, Matrix India.

In the last 18 months, MoEngage has seen significant adoption of its insights-led customer engagement platform which enables marketers to be more customer-centric, rather than being campaign-centric. In the last 12 months,

• Annualized Recurring Revenue (ARR) has grown over 120%
• Onboarding of 350 new customers, including enterprise brands such as Domino's Pizza, CIMB Bank, XL Axiata, IHH Healthcare, The Body Shop. As well as digital-first brands like Sharechat, Atom Finance, Policy Bazaar, Payactiv, Byjus, Flipkart, Shopsy and SWVL
• Annualized Net Revenue Retention of over 140%, driven by best-in-class customer support and service.
• Named as a "Strong Performer' in the Q3 2021 Forrester Wave report for Cross-Channel Campaign Management and as a "Leader' in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms.
• Listed by G2 as "One of the Best Software Companies for 2021', and one of the "Top 50 Software Products for Marketers

About MoEngage:
MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brands such as Ally Financial, McAfee, Flipkart, Domino's, Nestle, 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. Consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month. With offices in nine countries, MoEngage is backed by Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast and Helion Ventures. To learn more, visit www.moengage.com.

About Steadview Capital:
Steadview is a leading global investment firm headquartered out of London with over US$5 billion in AUM. The fund has a crossover structure and makes concentrated long-term investments in both public markets and private equity with a primary focus on technology oriented businesses.
To learn more, visit www.steadview.com

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, Fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), DealShare (social commerce platform), Jupiter (consumer Neobank), Mswipe (mobile POS), and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.