Hey there!

It’s Sparsh here!👋 

MoEngage, the Bengaluru-based customer engagement platform, secured $180 million in a Series F follow-on just weeks after a $100 million raise, pushing total fresh capital to $280 million this quarter. 💸 

Led by ChrysCapital and Dragon Funds with $123 million in secondaries, the round values the company "well over" $900 million post-money as it tracks toward $100 million ARR. This move underscores maturing India SaaS dynamics for global founders and investors. 🌍

Let’s dive in to know more! 🚀 

💼 Funding Mechanics Visualised

This wasn't a standard growth round—secondaries dominated the structure.

Employee tender benefited 259 current/former staff, balancing growth capital with liquidity without IPO pressure. 🏦

🚀 MoEngage's Global Traction Map

Serving brands across 75 countries, MoEngage cracked mature markets while retaining India's cost advantages.

🗺️Revenue geography:

• 🗽 North America: 30%+ (highest margins)

• 🇪🇺 Europe/Middle East: 25%

• 🇮🇳 India/Southeast Asia: 45% (volume driver)

💰Path to $100M ARR:

• Consistent 35% CAGR targeted next 3 years 📈 

• EBITDA is positive this quarter 🧾

• ACV expansion via product + engineering bundles ⚙️

India-headquartered cost structure lets it compete with US incumbents while scaling globally. 📈

🤖 Merlin AI Suite Deep Dive

Fresh capital targets MoEngage's Merlin AI—their decision intelligence layer for marketing teams.

CEO Raviteja Dodda emphasised moving beyond marketing silos⚙️:

🔄 Secondary Liquidity Maturity Signal 💡

$123 million secondaries reflect Series F sophistication, not distress.

Why this matters:

1. 🏢 Early VCs (Eight Roads, Helion) take partial profits

2. 👥 259 employees gain liquidity (rare in India SaaS)

3. 📉 No IPO urgency—flexibility for market timing

4. 🔄 New investors buy in at $900M+ valuation

Ventureast's 10x blended exit proves India SaaS can deliver benchmark returns. 🏆

🗺️ M&A Ambitions Geopolitics

Capital earmarked for strategic buys signals global acceleration.

11-year runway + $307M total primary funding gives firepower. 🌟

⚔️ Competitive Landscape Heatmap

MoEngage carves defensible turf amid crowded customer engagement.

Zeta CEO Bhavin Turakhia (customer): "Improved onboarding, activation, cross-sell across journeys". 📊

🎯 Founder Playbook India SaaS 2026

⬆️ Raise structuring wisdom:

✅ Secondary inclusion → Employee retention + investor alignment

✅ Primary for product → AI suite gets runway without dilution pressure

✅ No IPO rush → Market timing flexibility

🌐 Scale globally:

1. 🪙 Retain India costs while cracking NA/EU

2. ⚙️ Bundle analytics + execution tools

3. 🤖 AI agents as moat (not features)

📊 Investor signals:

• 💹$900M+ valuation at $100M ARR = 9x multiple (reasonable)

• 💳️ 35% CAGR + EBITDA positive = Series F maturity

• 💼M&A war chest signals confidence

🏆 What Investors Must Notice Now

🐂Bull case validation:

✅ 35% CAGR + profitability trajectory

✅ Global revenue diversification

✅ AI agent leadership positioning

🚩Red flags absent:

❌ No cash burn distress

❌ No founder liquidity extraction

❌ Proven execution 11 years running

🤝🏻Deal flow opportunity:

• 📈 MoEngage customers (Zeta) → High conviction LPs

• 🤖 AI agent verticals → Follow-on territory

• 🎯Secondary market → LP rebalancing plays

India SaaS hits escape velocity. Watch this space. 🏁