New Delhi, Dec. 17 -- Customer-engagement platform MoEngage, which services consumer brands, has raised an additional $180 million (around Rs 1,627 crore) as part of its Series F round only a few weeks after it pocketed $100 million (around Rs 904 crore) in November.
In the latest round includes $57 million in primary capital, with around $123 million comprising the secondary component that gave Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast an exit.
The latest round, which takes MoEngage's total Series F raise to $280 million, was led by new investors homegrown private equity ChrysCapital and Liquidity Group-backed growth equity firm Dragon Funds alongside London-based Schroders Capital. Its current investors are secondaries-focused TR Capital and American venture capital firm B Capital also participated in the round.
Rishabh Iyer, vice president at ChrysCapital, said, "This investment aligns with our strategy to back technology platforms, built in India for global enterprises... We are impressed by MoEngage's disciplined operating model, sustained US execution, and broad product capabilities."
The primary capital will be used to further improve its Merlin AI suite, scale up go-to-market teams in North America and Europe, the Middle East and Africa, and explore strategic acquisitions.
The secondary transactions also covered a second employee tender offer, in which employees are allowed to sell their shares back to the company, totalling nearly $15 million and benefitting 259 current and former employees.
Avendus Capital acted as the exclusive financial advisor to the company and its shareholders.
Last month, existing investor Goldman Sachs Alternatives and new investor A91 Partners led a $100 million round. About 60% of this was primary capital, while the remaining comprised a secondary sale with three institutional investors including VenturEast taking partial exits.
The firm did not disclose its valuation. It was reportedly valued at about $700 million (around Rs 6,329 crore) in November.
Previously, VC firms Exfinity Ventures and Eight Roads had also taken partial exits in MoEngage through earlier transactions.
Bengaluru and San Francisco-headquartered MoEngage, founded by Raviteja Dodda and Yashwanth Kumar in 2014, has raised $430 million so far. Before founding the company, the duo had co-founded Pipal Tech Ventures, a technology company developing mobile, social, and location-based products.
Published by HT Digital Content Services with permission from VC Circle.