MoEngage raises another $180 million in Series F, offers liquidity to staff

Funding led by ChrysCapital and Dragon Funds backs the company's AI-driven expansion beyond traditional marketing platforms

MoEngage, which uses artificial intelligence (AI) to help companies improve marketing and customer engagement, has raised an additional $180 million as part of its Series F round. This follows the $100 million it secured in November 2025, taking the total Series F funding to $280 million.

 

The latest investment was led by new investors ChrysCapital and Dragon Funds, along with Schroders Capital, and saw continued participation from existing investors TR Capital and B Capital.

 

The company said the fresh capital will be deployed to accelerate innovation across its Merlin AI suite, scale go-to-market teams in North America and Europe, the Middle East and Africa (EMEA), and explore strategic acquisitions that can extend platform capabilities or speed up global expansion.

 

Alongside growth investments, MoEngage has completed its second employee tender offer, totalling around $15 million. The liquidity event benefits 259 current and former employees, allowing them to participate in the company’s value creation. The Series F round also included select secondary transactions for early investors, including Eight Roads Ventures, Helion Venture Partners, Z47 and Ventureast.

 

“We believe our success is a collective effort. It is vital that we recognise the people who brought us to this stage,” said Raviteja Dodda, chief executive officer and co-founder of MoEngage. “This liquidity programme 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.”

 

Rishabh Iyer, vice-president at ChrysCapital, said the investment aligns with the firm’s strategy of backing technology platforms built in India for global enterprises. “We are impressed by MoEngage’s disciplined operating model, sustained execution in the US, and broad product capabilities,” he said.

 

Ridhi Chaudhary, chief investment officer of Dragon Funds, said MoEngage’s product depth and AI capabilities position it strongly to lead the marketing technology category. Aakash Tulsani, managing director at Dragon Funds, added that MoEngage sets a high bar for innovation by applying AI to first-party data, making it a critical platform for modern marketers.

 

MoEngage is also expanding its customer engagement platform beyond marketing teams to product organisations through offerings such as MoEngage Analytics and MoEngage Inform, reflecting the growing need for shared data across business functions.

 

MoEngage Inform unifies transactional messaging, including one-time passwords and account updates, through a single application programming interface, while MoEngage Analytics connects behavioural insights to real-time engagement, enabling faster action to improve retention and customer lifetime value.

 

“As a data-driven company, we rely on deep customer insights to drive our product strategy,” said Bhavin Turakhia, co-founder and chief executive officer of Zeta. “MoEngage Analytics has helped us optimise critical journeys like onboarding, activation and cross-sell, while their messaging capabilities allow us to instantly nudge customers.”

 

Charu Pujari, senior vice-president, AI and engineering at Loblaw Digital, said MoEngage Inform has become central to the company’s e-commerce experience. “It keeps customers updated on their delivery and pickup orders with the speed and reliability they expect,” she said.

 

Avendus Capital acted as the exclusive financial adviser to MoEngage and its shareholders on the transaction.