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

MoEngageThe customer engagement platform used by consumers in 75 countries, has raised $180 million in a Series F round just over a month later. get $100 millionand many recent investments that provide income to investors and employees through other activities.

In the latest raise, about $123 million was secondary, including $15 million in funding for 259 current and former employees, while the remaining $57 million was raised as capital and entering the business. The round was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. The original backers, including Eight Roads Ventures, Helion Venture Partners, Z47, and Ventureast, sold shares in the second round.

The deal values ​​MoEngage at “in excess of” $900 million, according to a person close to the deal, who added that the startup is targeting $100 million in recurring revenue this year. MoEngage did not disclose these figures.

MoEngage plans to use the new headquarters to advance its Merlin AI services and expand the use of AI assistants to improve decision-making and efficiency of marketing teams, said Raviteja Dodda (pictured above), co-founder and CEO, in an interview. The startup is also pushing deeper into the manufacturing and engineering teams by consolidating its analytics and communications equipment to make it more versatile, a move it hopes will increase contract value and expand its potential market.

“When you look at customer engagement, it’s not just about marketing teams. There are product development and infrastructure teams, which are also looking at how to create customer behavior information and data,” said Dodda.

MoEngage also plans to use a portion of its new funding, primarily in the US and Europe, to target software companies that complement its customer engagement platform or help expand its growth in these markets. It also focuses on AI sub-groups to strengthen its intelligence-led offerings.

The 11-year-old startup, which has its headquarters in Bengaluru and San Francisco, is already getting more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.

MoEngage’s second raise reflects its slow pace, allowing investors and early-stage employees to raise funds without forcing the company to recruit more people. This approach gives MoEngage the flexibility to choose its next steps based on business needs rather than timing.

“It gives us an opportunity to not have the rush of going for an IPO,” Dodda said, adding that the startup may only want to go public in a few years, depending on market conditions and other factors.

MoEngage expects to improve its earnings before interest, taxes, depreciation, and amortization (EBITDA) this quarter and aims for annual growth of about 35% over the next three years, Dodda said.

Bhavin Turakhia, co-founder and CEO of fintech firm Zeta, a client of MoEngage, said basic analytics and messaging tools have helped improve onboarding, activation, and sales in the important customer journey.

The second phase of the round also helped to get the early investors fully out. Ventureast, which supported MoEngage in 2018, is one of them. The VC firm posted a return of about 10 times on its combined investments, partner Vinay Rao told TechCrunch.

Rao said that while many of the world’s leading marketing companies operate at US market prices, MoEngage has retained investment from India, which he said has helped it compete effectively in the US and grow the business.

With the latest round, MoEngage has raised $307 million in seed funding to date.