MoEngage, a customer engagement software provider operating across 75 countries, has raised $180 million in a Series F follow-on transaction, just over a month after securing $100 million in fresh capital. The round was largely secondary, with about $123 million providing liquidity to investors and employees, including a $15 million employee tender covering 259 current and former staff. The remaining $57 million was raised as primary capital.
The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors including TR Capital and B Capital. Early backers such as Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast sold shares as part of the transaction. The deal valued MoEngage at well over $900 million post-money, according to a person familiar with the matter.
MoEngage plans to deploy new capital to expand its Merlin AI suite and increase the use of AI agents to improve decision-making and operational efficiency for marketing, product, and engineering teams. The company is also exploring strategic acquisitions in the U.S. and Europe, including small AI-focused teams, as it targets profitability and sustained global growth without immediate pressure to pursue an initial public offering.
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