MoEngage raises US$9mil in Series B funding
By Digital News Asia December 6, 2018
- Funds will be used to scale up its operations in Singapore, Malaysia & Indonesia
- Counts Tokopedia, Traveloka, Viu, OYO, MA, Tiket.com, Matahari Mall, Kredivo as clients
CALIFORNIA-based MoEngage Inc, an Intelligent Marketing Cloud platform founded by Raviteja Dodda and Yashwanth Kumar, has raised US$9 million (RM37.36 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 US$25 million (RM103.77 million) by 2020. More than 65% of the company's revenue comes from its key markets that include Europe and Middle-East, North America and Southeast 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 personalisation products.
Commenting on the development Raviteja Dodda, founder & CEO, MoEngage said, “The unprecedented growth in mobile interactions and 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 personalised 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 and Europe and enhance our widely recognised 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 analyses 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 AI technology optimises 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 over-the-top video service providers, 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-personalisation 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 Matrix India managing director Tarun Davda.
"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 VenturEast general partner Srikanth Sundararajan.