The latest tranche was led by new investors ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing backers TR Capital and B Capital, the company said in a statement.
In November this year, MoEngage raised $100 million in the first close of the Series F round from Goldman Sachs Alternatives and A91 Partners.
MoEngage plans to use the funds on its Merlin AI suite, expand go-to-market teams in North America and EMEA, and pursue strategic acquisitions to support product capabilities and global expansion.
In September 2024, the company had outlined a broader AI-led product strategy centred around Merlin AI and newer offerings such as MoEngage Inform, Analytics and Personalize, as it sought to deepen personalisation and real-time engagement for consumer brands.
As part of the latest round, the company completed its second employee tender offer of about $15 million, providing liquidity to 259 current and former employees. The financing also included select secondary transactions for early investors including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast.
Avendus Capital acted as the exclusive financial advisor to the company and its shareholders.
Founded in 2014, MoEngage provides customer engagement software across web, mobile, email and messaging channels. In 2022, the company raised $77 million in a round led by Goldman Sachs Asset Management and B Capital.
As of late 2025, MoEngage says it has worked with more than 1,350 brands across 75 countries and engaged with over 2 billion consumers every month.
Edited by Swetha Kannan
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