MoEngage achieves unconventional growth in 5 years
Bengaluru | November 28, 2019: Five years ago, MoEngage was an idea in the minds of founders RavitejaDodda and Yashwant Kumar; a design to transform user experience and help internet companies retain customers. Today, the startup counts five of the Fortune 500 brands as its customers along with internet biggies such as OYO, Gaana, Tokopedia, and Traveloka among several others. Here's the story of MoEngage - APAC’s fastest-growing customer engagement and analytics platform.
Today, MoEngage has emerged a purpose-built mobile marketing platform suitable for enterprises in Asia, the U.S., and Europe. Over 50% of the company's revenue now comes from enterprise clients - an indication of the widespread adoption and maturity of the product. The company grew 200% in the last financial year and is now targeting a revenue of $25MM by 2020. It has raised $14.5 million in funding from marquee investors—Matrix Partners, Ventureast, Helion VC, and Exfinity Ventures. More importantly, the company today has over 500 clients in over 35 countries.
MoEngage is a company who planned to reach $25mn in 2020.Unlike most saas startups who focus on established categories like CRM, ERP, Cloud, etc. MoEngage decided to start off as a cross-channel customer engagement platform by creating a category itself. The business & Marketing operations was focused to initiate a product-feature led growth model primarily targeting enterprise as a category whereas others target SMBs. Asia and SEA markets were chosen for business operations vs companies who typically target the West for such growth.
MoEngage was also recently included in the 2019 Gartner Magic Quadrant for Mobile Marketing Platforms - for the second time in a row and believes it (inclusion) is a validation of its image as a complete marketing automation platform for digital enterprises. It is also the only mobile marketing platform from APAC to have featured in the Gartner Magic Quadrant for two consecutive years.
As the company marks its fifth anniversary, "Building a global business requires a relentless focus on the product and the people. We have created a company that is driven by values that encourage freedom, ownership, and leadership. The results of which, is seen in the traction for our product and the positive feedback from our customers." says RavitejaDodda, CEO and Co-founder, MoEngage. The company is 200+ strong and has offices in Bengaluru, Jakarta, London, Berlin, and San Fransisco.
MoEngage's phenomenal five-year journey is also a strong counter to those who claim B2B businesses can't be built in India and to those who typically focus B2B selling toward the West. "We developed an East-first approach to our product. Large consumer base who are increasingly getting on the internet to get things done, rapid adoption of smartphones, its unique technology & cultural challenges, and rise in disposable income made East a perfect fit for our product," said RavitejaDodda, Co-founder and CEO, MoEngage.
About the future, this is what Raviteja has to say: "It's gratifying to know that we have been able to register such strong growth and establish a strong brand identity in these last five years, merely on the strength of our superior technology and relentless focus on customers." We want to continue doing that and work towards our vision of creating the world's most trusted marketing cloud out of India."