AN ENGAGEMENT PLATFORM MoEngage RAISES $25M FOR ITS MOBILE APP
A customer engagement platform MoEngage raises $25M for its mobile interface which helps firms better understand their customers while improving their engagement. However, this comes as the San Francisco and Bangalore-based startup raised the said sum in its latest financing round aimed at expanding its network in Asia.
The firms’ Series C financing round saw Eight Roads Ventures, Matrix Partners India, F-Prime Capital lead the funding round, and not excluding Ventureast which also participated. According to reports, the six-year-old firm has been able to pull-up to $40 million in its entire funding round.
As a result, it is understood the subject startup product is structured to offer clients with deeper insight about their customers and users are engaging with their apps and websites. These findings are viewed via a dashboard, which also could be deployed by firms in a bid to retain their existing customers or deploy rich and profitable measures that will aid more sales to them.
The startup’s recent achievement (MoEngage raises $25M) is a good one, while on the other hand is to ascertain the app effectiveness and usage, the Founder and Chief Executive ‘Raviteja Dodda’ made it clear that “We can, for instance, tell at what time a customer is using the app”. Adding that,
“Based on your understanding of the customer, you can send them personalized notifications. Say you are using a ride-hailing app. The firm would now know how often you use their app and at what time you tend to avail their service. Based on these leanings, they can offer you deals or reminders that could help them improve their conversion rate”. Credit: TechCrunch
This implies that the startup app is designed with back-end tracking codes, which enable MoEngage and these firms using their engagement platform to monitor and gain deeper insight over customers’ engagement.
Currently, the startup is being used by over 400 hundred million active users on a daily basis, which is in accordance with Dodda’s claim – has amassed “hundreds of clients” in 35 countries.
Also at the moment, the subject startup works for a number of big firms in Europe, North America, and Asia. These include CIMB Bank, Deutsche Telekom, Travelodge, Vodafone, retail chain Future Retail, McAfee, Samsung, music streaming service Gaana, ride-hailing service Ola, budget-hotel operator OYO, and not excluding grocery delivery startup Bigbasket.
- What is your take as MoEngage raises $25M for its mobile engagement platform?