Indian startup MoEngage adds $180m funding in series F

MoEngage has raised an additional US$180 million in its series F round, bringing the total raised to US$280 million in 2025.

The funding round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital, TR Capital, and B Capital.

The round also included secondary transactions for early investors such as Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast.

The company will use the funding to further develop its Merlin AI suite, expand go-to-market teams in North America and EMEA, and explore acquisitions to extend platform capabilities or speed up global expansion.

MoEngage is a customer engagement platform for consumer brands, based in Bengaluru and San Francisco.

MoEngage’s platform offers tools for marketing and product teams, including analytics and messaging services.

Avendus Capital was the exclusive financial advisor for the transaction.

🔗 Source: MoEngage

🧠 Food for thought

Implications, context, and why it matters.

What a secondary-heavy raise says about MoEngage now

MoEngage raised $280 million in 2025, with $123 million of the $180 million extension as secondary funding (existing shares changing hands for liquidity, not new operating capital) 1.
This setup lets early backers like Ventureast exit with about a 10x blended return and gives MoEngage room on initial public offering (IPO) timing without a near-term listing 1.
A person close to the deal put annualised recurring revenue at $100 million this year 1. CEO Raviteja Dodda expects EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) to turn positive this quarter. He also targets a listing in two years depending on market conditions 1.
A $15 million employee tender (a program that lets employees sell some of their shares to investors) benefited 259 current and former staff, which supports retention ahead of any liquidity event 1.

How partners can help MoEngage’s North America and Europe push

30%+ of revenue comes from North America. Another 25% comes from Europe and the Middle East, versus 45% from India and Southeast Asia 1.
MoEngage bundles analytics with transactional messaging tools (notifications for actions like purchases or password resets) to reach product and engineering teams beyond marketing. That creates demand for technical implementation across new buyer personas 1.
Agencies and system integrators (consultancies that implement and connect software systems) can join the partner program to support deployments. MoEngage invests in Merlin AI and pursues U.S. and Europe acquisitions that need integration with existing deployments 1.