MoEngage, a mobile marketing platform, has raised $4.25 million in Series A round of funding. This round of funding is led by Helion Venture Partners with additional funding from Exfinity Ventures and prominent angel investors including Kunal Bahl, Co founder and CEO, Snapdeal; Rohit Bansal, Co-founder and COO, Snapdeal and Raghunandan, Co-founder and CEO, TaxiForSure. With new funding, the start-up plans to launch their platform globally and continuing to build out their leading mobile marketing automation platform.
Commenting on the investment, Rahul Chandra, Co-founder & Managing Director, Helion Venture Partners, said, “We are pleased to see what MoEngage has accomplished in the Indian mobile market. As they have grown, they have become a crucial tool in the hands of mobile app companies and marketers. We are excited to help MoEngage team to continue their success overseas and expand their client base globally”.
After experiencing challenges in retaining users at their previous mobile app company and across the mobile ecosystem, Raviteja Dodda and Yashwanth Kumar founded MoEngage in July, 2014. The start-up is now a world-class user analytics and engagement platform that engages millions of users via push notifications, in-app recommendations, email campaigns and other channels.
“We have been working in stealth mode with the largest internet companies and built out the next generation mobile marketing automation platform for B2C companies. We have seen tremendous growth in the very first year of our journey, becoming the number one mobile marketing automation platform in India. With this funding, we will double down on product innovation along with geographical expansion in the US and emerging markets,” states Raviteja Dodda, CEO, MoEngage. The start-up also plans to unveil three new capabilities – uninstall tracking and analytics, geo-fencing capabilities and smart email campaigns so that mobile marketers can further optimise their application.
MoEngage is currently profiling one fifth of smartphone users in India and delivering around 1 billion personalised interactions. The company currently works with many of the leading consumer-internet companies in India including Snapdeal, Cleartrip, Ola’s TaxiForSure, Gaana, OYO Rooms, Yatra and Redbus. In the US, MoEngage has an office in San Francisco and currently works with companies like Sell It and SpotHero.
Speaking on the same lines, Shailesh Ghorpade, Managing Partner & CIO, Exfinity said, “MoEngage has a unique and effective way to address the problems of mobile app marketing. Their technology enables apps to reach their market through extremely personalised channels allowing for an increase in users and revenue. We are excited to help expand MoEngage’s product market and increase business overseas”.