MoEngage, a SaaS platform that offers customer engagement tools, on Wednesday announced that it has raised $77 million in Series E funding led by Goldman Sachs Asset Management and B Capital, with participation from the company’s existing investors Steadview Capital, Multiples Alternate Asset Management, Eight Roads Ventures, and Matrix Partners India. This funding round is also Goldman Sachs Asset Management’s first investment in an Indian SaaS company.

This is the third round of funding raised by MoEngage in the last 12 months, with $32.5 million raised in July and $30 million in December 2021. To date, it has raised around $200 million in financing from multiple investors.

MoEngage will use the additional funds to deepen its geographic footprint in the US, Europe, Asia, and West Asia markets and also expand in new markets like Latin America and Australia. The funds will also be used to explore strategic acquisitions that can help extend its platform capabilities and provide more value to customers.

In the last 12 months, MoEngage claims to have grown its annualised recurring revenue (ARR) by more than 105%, by adding 500 new customers and doubled its headcount to more than 650. The company also claims to have an annualised net revenue retention of over 135%.

“Our rapid growth is validation that consumer brands today are moving beyond campaign-centric tools and are adopting an Insights-Led Multi-Channel Approach to Customer Engagement. We now have 1200+ customers in 35 countries and 650+ global employees across our offices in the US, UK, Germany, UAE, India, Indonesia, Singapore, Vietnam, Malaysia, Philippines, and Thailand. We are thrilled to welcome Goldman Sachs Asset Management and B Capital on our journey,” Raviteja Dodda, co-founder and CEO of MoEngage, said in a statement.

Currently, MoEngage has over 500 customers in the country, including brands such as ShareChat, Flipkart, Byju’s, Ola, Domino’s, IIFL, Airtel, Ujjivan Bank, Navi, and more. The start-up said that it will continue investing in India and will soon open offices in Delhi, Mumbai, and Hyderabad to support its customers and tap into talent outside Bangalore.

“As companies seek to better engage customers across digital channels, MoEngage’s leading technology platform provides marketers with insightful, real-time data, enabling them to orchestrate and run effective campaigns to build and retain customer relationships to enhance customer lifetime value. We look forward to leveraging our global resources and network to support the ambitions and continued growth of the company,” Rajat Sood, a managing director at Goldman Sachs Asset Management, said.