MoEngage, a customer engagement platform serving brands in 75 countries, has raised $180 million in a follow-on Series F round just weeks after securing $100 million, bringing its total primary funding to approximately $307 million. The latest round, led by ChrysCapital and Dragon Funds, included significant secondary transactions, with about $123 million going to investors and employees as liquidity. This included a $15 million employee tender that provided exit opportunities for 259 current and former staff members. The remaining $57 million was primary capital to fuel business growth. The deal valued MoEngage at “well over” $900 million post-money, according to a person familiar with the matter, with the company on track to reach $100 million in annualized recurring revenue this year—though it has not officially disclosed the figure. Participating investors included Schroders Capital, TR Capital, and B Capital, while early backers such as Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast sold shares in the secondary portion. Raviteja Dodda, co-founder and CEO, said the new capital will be used to advance MoEngage’s Merlin AI suite, enhance its use of AI agents to support marketing decision-making, and improve operational efficiency. The company is also broadening its platform beyond marketing teams, integrating analytics and transactional messaging tools to serve product and engineering teams that analyze customer behavior. This expansion aims to increase average contract values and expand its addressable market. MoEngage plans to use part of the funds for strategic acquisitions, particularly in the U.S. and Europe, targeting software companies that align with its platform or accelerate market entry. It is also looking to acquire small AI teams to strengthen its intelligence-driven capabilities. Headquartered in Bengaluru and San Francisco, MoEngage generates over 30% of its revenue from North America, 25% from Europe and the Middle East, and 45% from India and Southeast Asia. The secondary-heavy structure reflects MoEngage’s late-stage maturity, allowing early investors and employees to exit without pressuring the company to go public. Dodda said this provides flexibility, noting the company still plans to pursue an IPO in the next couple of years, depending on market conditions. The startup expects to achieve EBITDA positive results this quarter and aims for a compound annual growth rate of about 35% over the next three years. Bhavin Turakhia, co-founder of fintech firm Zeta and a MoEngage customer, credited the platform with improving customer onboarding, activation, and cross-selling across key journeys. Ventureast, which invested in MoEngage in 2018, exited fully in this round and achieved a roughly 10-times return on its investment, according to partner Vinay Rao. He highlighted that MoEngage’s India-based cost structure has enabled it to compete effectively in the U.S. market while maintaining scalability.