MoEngage, a customer engagement platform serving consumer brands in 75 countries, has secured $180 million in a Series F follow-on round. This comes just over a month after the company raised $100 million. The majority of this latest funding provided liquidity to investors and employees through secondary transactions.

In the new round, approximately $123 million was secondary capital. This included a $15 million employee tender that offered liquidity to 259 current and former employees. The remaining $57 million was primary capital, which was invested directly into the business.

The funding was led by ChrysCapital and Dragon Funds. Schroders Capital also participated, alongside existing investors TR Capital and B Capital. Early backers, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast, sold their shares as part of the secondary transactions.

A person familiar with the deal stated the round valued MoEngage at “well over” $900 million post-money. The same source added the startup is on track to reach $100 million in annualised recurring revenue this year. MoEngage has not publicly disclosed these financial figures.

According to co-founder and CEO Raviteja Dodda, the new capital will be used to further invest in the company’s Merlin AI suite. The goal is to expand the use of AI agents to enhance decision-making and efficiency for marketing teams. The startup is also broadening its focus to serve product and engineering teams by bundling its analytics and transactional messaging tools into a more comprehensive offering. This strategy is expected to increase average contract values and expand the company’s addressable market.

“Customer engagement isn't solely the domain of marketing teams,” Dodda explained. “Product and engineering teams are also deeply focused on understanding customer behavior and data.”

MoEngage also plans to allocate part of the new funds for strategic acquisitions, particularly in the U.S. and European markets. The company is targeting software firms that complement its customer engagement platform or can accelerate its expansion in those regions. Additionally, it aims to acquire small AI teams to strengthen its intelligence-led offerings.

The 11-year-old startup, headquartered in Bengaluru and San Francisco, already derives more than 30% of its revenue from North America. Approximately 25% comes from Europe and the Middle East, with the remaining 45% generated in India and Southeast Asia.

The secondary-heavy nature of this funding round reflects MoEngage’s late-stage position. It allows early investors and employees to gain liquidity without pressuring the company toward an immediate public listing. This structure provides MoEngage with the flexibility to plan its next steps based on business priorities rather than investor exit timelines.

“It gives us the opportunity not to have an urgency with regard to going IPO,” Dodda said. He added that the startup still aims to go public within a couple of years, depending on market conditions and other factors.

Dodda also stated that MoEngage expects to become EBITDA positive this quarter. The company is targeting a compound annual growth rate of about 35% over the next three years.

Bhavin Turakhia, co-founder and CEO of fintech firm Zeta and a MoEngage customer, noted that the startup’s analytics and messaging tools have helped Zeta improve customer onboarding, activation, and cross-selling strategies across key journeys.

The secondary portion of the round enabled some early investors to exit completely. Ventureast, which first backed MoEngage in 2018, was among those that fully exited. A representative from Ventureast observed that while many global customer engagement companies operate with cost structures designed for the U.S. market, MoEngage has maintained an India-based cost structure. This approach has reportedly helped it compete more effectively in the U.S. while scaling its operations.

With this latest round, MoEngage has now raised approximately $307 million in primary funding to date.