MoEngage, A San Francisco and Bangalore-based startup that helps companies better understand their customers and improve their engagement has raised $ 25 million in a new round of financing to expand its network in Asian markets.
The new round of financing, Series C, was led by Eight Roads Ventures , F-Prime Capital, Matrix Partners India and Ventureast also took part in the round. The six-year-old start-up, an alchemist alum, has raised around $ 40 million to date.
MoEngage offers a product that gives customers deeper insight into how their customers – or users – interact with their apps and websites. "For example, we can determine when a customer is using the app," said Raviteja Dodda, founder and CEO of MoEngage, in an interview with TechCrunch.
These insights, all of which are displayed in a dashboard, can be very useful for companies to retain their existing customers or to find optimized ways to try to sell more to them.
“Based on your understanding of the customer, you can send them personalized notifications. Say you’re using a carpool app. The company would now know how often you use their app and when you tend to use their service. Based on this knowledge, they can offer you offers or reminders that could help you improve your conversion rate, ”he said.
MoEngage now works with a number of large companies in North America, Europe and Asia. His customers include Deutsche Telekom, CIMB Bank, Travelodge, Samsung, McAfee, Vodafone, retail chain Future Retail, carpool center Ola, budget hotel operator OYO, start-up company for food delivery big basket and music streaming service Gaana.
Overall, Dodda said its startup had "hundreds of customers" in over 35 countries and served over 400 million active users every day.
"MoEngage, with its differentiated offering, scalable platform and customer-first approach, will play an important role in providing our customers with contextual and relevant communication and delivering greater value for customer life," said Arun Srinivas, chief operating officer at The Indian Ride-Hail Startup Ola, in a statement.
MoEngage, which competes with a handful of startups, including Clevertap from India, will use the fresh capital to find more customers in Asia and expand its product activities in the US and Europe, Dodda said.
“What sets MoEngage apart from other engagement platforms is the combination of its constantly evolving AI-enabled customer journey functions, the industry's best channel accessibility and first-class customer support. We are delighted to partner with Raviteja and his team to expand globally, ”said Shweta Bhatia, partner at Eight Roads Ventures.