AI-driven customer engagement platform MoEngage is reportedly in discussions to raise $200 million in a fresh funding round led by ChrysCapital, with participation from A91 Partners and existing backer Goldman Sachs, Moneycontrol reported.
The fresh round is expected to include both primary capital for tax costs related to relocating headquarters from the US to India, and secondary investment allowing early investors to partially exit, the report added.
MoEngage joins an increasing number of Indian firms pursuing reverse flips—relocating their corporate structure back to India—to capitalise on domestic capital markets and IPO opportunities. The report added that the redomiciling process will carry an estimated cost of $100 million.
MoEngage did not respond to queries sent by YourStory at the time of publishing.
The funding round is likely to value the Bengaluru and San Francisco, California-based firm between $750 million and $800 million.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage started out with a focus on mobile applications. Over time, it has expanded its offerings to several channels, including SMS, in-app communication, on-site messages, Facebook, WhatsApp, and email.
The firm works with over 1,200 brands globally, including Samsung, Flipkart, and Deutsche Telekom. In 2022, MoEngage raised $77 million in a funding round led by Goldman Sachs Asset Managementand B Capital, with participation from existing investors.
Edited by Suman Singh
