MoEngage raises $100 million Series F to scale Merlin AI agents, accelerate North America expansion

New Delhi: MoEngage has raised $100 million in a Series F round led by Goldman Sachs Alternatives and co-led by A91 Partners to scale its AI marketing agents and expand in North America. The company said this round takes total funding past $250 million.

About 60% of the round is primary capital and 40% secondary capital, enabling growth investment alongside partial exits for early shareholders. Approximately 40% of the fresh capital will be directed to AI product development, with a focus on Merlin AI, MoEngage’s suite of agents that help marketers draft copy, generate campaign variants, pair text with images, and make decisions on targeting, channels, and send time.

North America is now MoEngage’s largest single market, contributing more than 30% of revenue; EMEA follows at about 25%, while India and Southeast Asia together account for the remaining 45%. To support demand, the company will expand sales, customer success, support, and marketing teams in North America and EMEA, and hire additional AI talent in Bengaluru and San Francisco.

“Our global momentum on top of our category leadership in Asia is a validation that consumer brands are moving beyond legacy marketing clouds,” said Raviteja Dodda, CEO and Co-founder. “Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI-led agility, achieving time-to-value within weeks of migration.”

Customers cited scale and speed. Glance reduced campaign go-live times by 50% using Merlin AI, while SoundCloud migrated 120 million users in 12 weeks and used AI insights to accelerate product launches and improve paid retention.

Rajat Sood, Managing Director at Goldman Sachs Alternatives, said the investment backs “a category-leading technology platform using AI for enterprises globally.” A91 Partners’ Kaushik Anand added that the team has “constantly innovated and expanded the product” and is well placed to scale its global footprint.

Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage began as a mobile marketing automation tool and now operates as a unified customer engagement platform, bringing together data from apps, web, and offline touchpoints. The company serves more than 1,350 consumer brands in 75 countries, including SoundCloud, McAfee, Kayak, Domino’s, Deutsche Telekom, Travelodge, JPMorgan Chase, and Citibank, as well as Indian clients such as Swiggy, Flipkart, Ola, Airtel, and Policybazaar. Around 60% of revenue comes from traditional enterprises, with the balance from internet-first businesses. MoEngage says more than 300 customers have migrated from legacy platforms including Adobe, Oracle, and Salesforce.

The company is targeting adjusted EBITDA positivity by the end of the current fiscal year, a compound annual growth rate of about 35% over the next three years, and IPO readiness in the medium term. Recent recognitions include “Customers’ Choice” in Gartner Peer Insights Voice of the Customer for Multichannel Marketing Hubs (May 2025) and “Strong Performer” in The Forrester Wave: Cross-Channel Marketing Hubs (Q4 2024).

Avendus Capital acted as the exclusive financial advisor to MoEngage and its shareholders.