Engagea customer engagement platform used by consumer brands in 75 countries, announced a follow-on Series F deal worth US$180 million just over a month after securing US$100 million, with the majority of the latest funding providing liquidity to investors and employees through secondary transactions.
In the latest raise, about $123 million was secondary, including a $15 million staff tender providing liquidity to 259 current and former employees, while the remaining $57 million was raised as seed capital and income into the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers, including Eight Roads Ventures, Helion Venture Partners, Z47 and Ventureeast, sold shares in secondary transactions.
The deal valued MoEngage at more than $900 million post-deal, per a person close to the deal, who added that the startup was tracking about $100 million in annual recurring revenue this year. MoEngage did not disclose these numbers.
MoEngage plans to use the fresh capital to invest further in its Merlin AI suite and expand its use of AI agents to improve decision-making and the efficiency of marketing teams, Raviteja Duda (pictured above), co-founder and CEO, said in an interview. The startup is also delving into its product and engineering teams by bundling its analytics and transaction messaging tools into a broader offering, a move it expects to lift average contract values and expand its addressable market.
“When you look at customer engagement, it’s not necessarily focused on marketing teams. There are product and engineering teams, which are also focused on how to understand customer behavior and data,” Duda said.
MoEngage also plans to use a portion of the new capital raise to pursue strategic acquisitions, particularly in the U.S. and Europe, targeting software companies that complement its customer engagement platform or help accelerate its expansion in those markets. It is also targeting small AI teams to enhance its intelligence-driven offerings.
The 11-year-old startup, which is headquartered in Bengaluru and San Francisco, derives more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.
TechCrunch event
San Francisco
|
October 13-15, 2026
MoEngage’s raise-heavy secondary structure reflects its late-stage position, allowing early investors and employees to access liquidity without forcing the company to go public in the near term. This approach gives MoEngage the flexibility to choose its next steps based on business priorities rather than investor exit timelines.
“It gives us the opportunity to not rush in terms of going for an IPO,” Duda said, adding that the startup still aims to go public within two years, depending on market conditions and other factors.
MoEngage expects to turn earnings before interest, taxes, depreciation and amortization (EBITDA) positive this quarter and is targeting compound annual growth of about 35% over the next three years, Duda said.
Bhavin Turakhia, co-founder and CEO of fintech Zeta, a MoEngage client, said the startup’s analytics and messaging tools helped it improve onboarding, activation and cross-selling across key customer journeys.
The secondary component of the round also enabled some early investors to exit entirely. Ventureast, which backed MoEngage in 2018, is one of them. The venture capital firm posted a nearly 10x return on its investments on a blended basis, its partner Vinay Rao told TechCrunch.
Rao said that while many global customer engagement companies operate with cost structures geared toward the US market, MoEngage has retained an India-based cost structure, which he said has helped it compete more effectively in the US while expanding the business.
In the latest round, MoEngage has raised approximately $307 million in seed funding to date. Avendus advised MoEngage on the deal.
