MoEngage Secures Additional $180 million in Series F Funding; Completes Liquidity Event for Employees & Investors

The round, led by ChrysCapital and Dragon Funds, underscores MoEngage's global momentum as enterprises move beyond legacy marketing clouds to adopt MoEngage's insights-led customer engagement platform for both marketing and product teams.

SAN FRANCISCO, Dec. 17, 2025 /PRNewswire/ -- MoEngage, the customer engagement platform for consumer brands, announced it has raised an additional $180 million as part of its Series F round. This follows the $100 million secured in November 2025, taking the total Series F raise to $280 million. The latest investment was led by new investors ChrysCapital and Dragon Funds, alongside Schroders Capital, with continued participation from current investors TR Capital and B Capital.

The capital will be used to accelerate innovation for the Merlin AI suite, scale go-to-market teams in North America and EMEA, and explore strategic acquisitions that extend the platform's capabilities or accelerate global expansion. Alongside these growth investments, MoEngage has completed its second employee tender offer, totalling approximately $15 million, which benefits 259 current & former employees in their wealth creation journey. The round included select secondary transactions for early investors, namely Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast.

"At MoEngage, we believe our success is a collective effort, built on a culture of ownership and innovation. It is vital that we recognize the people who brought us to this stage," said Raviteja Dodda, CEO & Co-founder, MoEngage. "This liquidity program reflects that commitment by ensuring that the builders of MoEngage, our employees, and early investors have the opportunity to directly share in the milestones we achieve together. We are grateful for the partnership of ChrysCapital, Dragon Funds, Schroders Capital, TR Capital, and B Capital as we continue to scale globally."

Building on its leadership as the customer engagement platform for marketers, MoEngage is strengthening its suite for Product Teams with MoEngage Analytics and MoEngage Inform. As modern customer engagement isn't driven solely by marketing, product, and marketing teams must operate on shared data to ensure customer experiences are connected, not fragmented.

MoEngage Inform streamlines critical transactional messaging, such as OTPs, account updates, and service updates, via a single API across messaging channels and delivery providers, ensuring reliability distinct from marketing campaigns. Meanwhile, the enhanced Product Analytics capabilities in MoEngage Analytics bridge the gap between insight and action. By unifying behavioral data with immediate engagement, MoEngage empowers Product Managers to uncover the 'why' behind user behavior and instantly trigger experiences that drive retention and LTV.

"Customer engagement has never belonged to just one team. Customers move through many moments, and those moments should feel connected and supportive," added Dodda. "When product, engineering, and marketing work from the same data and tools, they can show up more naturally for their audiences. That's the experience we want to help companies deliver so they can grow their brands."

"At Zeta, we are building the modern banking stack for the world's leading financial institutions. As a data-driven company, we rely on deep customer insights to drive our product strategy," said Bhavin Turakhia, Co-founder & CEO, Zeta. "MoEngage Analytics has helped us optimize critical journeys like onboarding, activation, and cross-sell, while their messaging capabilities allow us to instantly nudge customers. Effectively bridging the gap between insight and action. As a user of the product, I am impressed by the constant innovation. Additionally, MoEngage Inform has become essential for powering our mission-critical communications, delivering account and transaction updates with high reliability and speed."

"MoEngage Inform has become a core part of how we run our e-commerce experience at Loblaw across our lines of business," said Charu Pujari, SVP, AI and Engineering at Loblaw Digital. "It keeps customers updated on their delivery and pickup orders with the speed and reliability they expect, which has made a meaningful difference in how engaged and confident they feel throughout the process."

Rishabh Iyer, Vice President at ChrysCapital, stated, "ChrysCapital is excited to partner with MoEngage for its next phase of AI-led growth. This investment aligns with our strategy to back technology platforms, built in India for global enterprises, leveraging deep talent, capital efficiency, and a sophisticated understanding of enterprise needs. We are impressed by MoEngage's disciplined operating model, sustained US execution, and broad product capabilities. We look forward to helping the team become the world's leading marketing technology platform."

Ridhi Chaudhary, CIO of Dragon Funds, said, "We are pleased to partner with MoEngage, impressed by its strong management, continuous product innovation, and durable growth. We believe MoEngage's best-in-class product and AI capabilities position it well to lead the martech category." Aakash Tulsani, Managing Director at Dragon Funds, added, "MoEngage sets the bar for innovation by leveraging AI on first-party data, making it essential for marketers. It is a privilege to partner with MoEngage again, having invested previously."

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

About MoEngage

Bengaluru and San Francisco-headquartered MoEngage is an insights-led customer engagement platform, trusted by over 1,350 global consumer brands, including SoundCloud, McAfee, Flipkart, Kayak, Domino's, Deutsche Telekom, Travelodge, and more. MoEngage empowers marketers and product owners with insights into customer behavior, enabling them to act on those insights and engage customers across web, mobile, email, social, and messaging channels. Consumer brands across 75 countries utilize MoEngage to deliver digital experiences to over 2 billion consumers every month.

To learn more, visit www.moengage.com.

About ChrysCapital

Founded in 1999, ChrysCapital is one of India's largest and most established investment firms. The firm has raised $8.5 billion across 10 private equity funds, a continuation fund, and a public markets fund, and has invested in more than 110 companies through its PE funds in sectors that leverage India's knowledge and cost advantage to build world-class companies. In the technology sector, ChrysCapital has backed companies such as Mphasis, HCL Technologies, Infosys, LiquidHub, Cyient, LTI, KPIT, Infogain, and GeBBS Healthcare.

About Dragon Funds

Launched in 2023, Dragon Funds is an equity investment platform that invests globally in growth-stage technology and technology-enabled companies. Dragon Funds is anchored by MUFG and leverages its extensive network to accelerate the revenue growth of its portfolio companies.

SOURCE MoEngage