MoEngage to raise $70 Mn at $700 Mn valuation
The MoEngage Customer Negotiation Forum is in the background to promote a new round of new and existing investors, three people who know the details of the transaction.
A new round comes to the company within 4 months of its D series.
“Goldman Sachs is in advanced talks to lead a $ 70-75 million MoEngage round. Existing corporate investors will also reduce their value in this round, ”said one of the people who requested anonymity.
MoEngage helps companies drive marketing efforts and campaigns to potential customers via email, in-app messages, SMS, and web notifications by automatically preparing them. The brands develop MoEngage to understand customer behavior and integrate them across channels to improve retention and credit-to-value ratio (LTV).
In December, a Bengaluru-based company had last raised $ 30 million in Steadview with existing sponsors of Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
“Negotiations have been going on for the past few months and the terms of the agreement have been finalized,” said a second source, adding that Goldman Sachs had issued a timetable and that if nothing happened at the last minute, the deal would be over. completed soon.
“MoEngage and the parties involved have agreed for the last time on the term sheet and the announcement is likely to be made in the media soon,” a second source said. “MoEngage will be valued at approximately $ 700 million [background].”
Questions posted to MoEngage, Goldman Sachs, Steadview, Eight Roads, and Matrix received no immediate answers. We will review the story in case they do so.
The Raviteja Dodda-led company has raised $ 100 million so far and is estimated at $ 300-350 million during its Series D cycle. From December 2021, MoEngage had 450 employees worldwide with offices in Boston, London, Berlin, Ho-Chi Minh City, and others.
MoEngage competes directly with Tiger Global-backed CleverTap and WebEngage.
Although MoEngage is registered in the US, its Indian company has booked approximately 17% growth on its scale up to Rs 82.1 crore per FY21, as per its legal compliance. During that period, its losses increased by 3.7% to Rs 2.53 crore in FY21 from Rs 2.44 crore in the last financial year (2020).
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