MoEngage, A startup based in San Francisco and Bangalore that helps companies better understand their customers and improve their commitment, has raised $ 25 million in a new round of financing while seeking to grow its network in Asian markets.
The new round of financing, Series C, was led by Eight Roads Ventures . F-Prime Capital, Matrix Partners India and Ventureast also participated in the round. The six-year startup, which is a student of Alchemist, has raised about $ 40 million to date.
MoEngage offers a product that allows customers to get a deeper insight into how their customers, or users, interact with their applications and websites. "We can, for example, know what time a customer is using the application," said Raviteja Dodda, founder and CEO of MoEngage, in an interview with Newsdio.
These ideas, all displayed on a board, could be very useful for companies to retain their existing customers or find optimized ways to try to sell them more.
“According to your understanding of the client, you can send them personalized notifications. Suppose you are using a transport application. The company would now know how often it uses its application and at what time it tends to take advantage of its service. Based on these lessons, they can offer you offers or reminders that could help you improve your conversion rate, ”he said.
MoEngage today works with several major firms in North America, Europe and Asia. Some of its clients include Deutsche Telekom, CIMB Bank, Travelodge, Samsung, McAfee, Vodafone, the Future Retail retail chain, the Ola passenger transport service, the cheap hotel operator OYO, the Bigbasket grocery delivery company and the Gaana music transmission service.
In total, Dodda said its startup has accumulated "hundreds of customers" in more than 35 countries and serves more than 400 million active users per day.
"MoEngage, with its differentiated offer, scalable platform and a customer-centric approach, will play an important role by allowing us to deliver contextual and relevant communications to our customers and drive greater customer lifetime value," said Arun Srinivas, director of operations of the Indian startup of bus trips Ola, in a sentence.
MoEngage, which competes with a handful of new companies, including India-based Clevertap, will infuse fresh capital to find more customers in Asia and scale the operations of its products in the United States and Europe, Dodda said.
“What differentiates MoEngage from other interaction platforms is the combination of its constantly evolving customer travel capabilities enabled by artificial intelligence, the best ability to access the industry channel and first-class customer support. We are delighted to partner with Raviteja and his team as they seek to expand globally, "said Shweta Bhatia, partner of Eight Roads Ventures.