tech

December 17, 2025

Weeks after raising $100M, investors pump another $180M into hot Indian startup MoEngage

The deal valued MoEngage at "well over" $900 million post-money.

Weeks after raising $100M, investors pump another $180M into hot Indian startup MoEngage

TL;DR

  • MoEngage raised $180 million in a Series F follow-on funding round.
  • The majority ($123 million) of the funding was for secondary transactions, providing liquidity to investors and employees.
  • The remaining $57 million was primary capital to be invested in the business.
  • The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors.
  • The company plans to use the capital to invest in its Merlin AI suite and expand AI agent usage.
  • MoEngage will also focus on product and engineering teams by integrating analytics and transactional messaging tools.
  • Strategic acquisitions in the U.S. and Europe are planned to complement the platform and accelerate expansion.
  • MoEngage aims to become EBITDA positive this quarter and targets 35% compound annual growth over three years.
  • The company's late-stage, secondary-heavy raise offers flexibility regarding a future IPO.

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