Eight Roads invests in Indian mobile marketing platform
MoEngage, an India and US-focused business that helps corporate clients improve mobile engagement with consumers, has received $25 million in Series C funding led by Eight Roads.
F-Prime Capital also took part in the round. Both Eight Roads and F-Prime are independent investment firms backed by Fidelity International. Existing backer Matrix Partners re-upped as well. Previous investors in MoEngage include VentureEast, Helion Venture Partners and Exfnity Venture Partners. It received $9 million in a Series B round in December 2018.
Founded in 2014, the company helps marketing departments run analytics on mobile customers who access their products and engage with them across multiple channels. It counts Deutsche Telekom, Samsung, Tokopedia, McAfee, Travelodge, Future Group, OYO and Landmark among its customers.
According to a 2019 report by market research firm Gartner, MoEngage rates as a niche player in a sector led by US-based Airship. Last year, Airship acquired Apptimize, its major rival in Europe. While MoEngage was rated highly by its customers, especially as it offered dedicated account managers, the complexity of the platform and its rapid expansion plans were cited as concerns by the consultancy.
The company plans to use the fresh capital to expand its operations in Europe and the US. Previously focused on serving mobile-first mid-market firms, it pivoted to serving multinational enterprises two years back. MoEngage has offices in nine cities including Jakarta, Berlin, Ho Chi Minh City, and Bangkok.
“The rapid rise of mobile has increased the complexity of how digital-first and consumer-focused enterprises interact with customers. What differentiates MoEngage from other engagement platforms is the combination of their ever-evolving AI-enabled customer journey capabilities, industry-best channel reachability and top-notch customer support,” said Shweta Bhatia, a partner at Eight Roads, in a statement.
In India, Eight Roads has invested in 12 other companies focused on enterprise technology with a sole exit achieved in 2012 when Japan’s NTT Communications acquired data center operator Netmagic Solutions. Other portfolio companies include Icertis, an enterprise contract lifecycle management solutions provider, and Whatfix, an onboarding software firm. It has active investments in 35 Indian companies in total.
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