IPO · Enterprise Software & IT

MoEngage targets Indian IPO after achieving profitability

By Startup Enthusiast · 21 February 2026

What they do

MoEngage builds a customer engagement platform using behavioural analytics and AI tools to help brands improve retention

The company recently achieved profitability in the October-December quarter and is gearing up for an initial public offering on Dalal Street

It raised $280 million in Series F funding last year and processes and sends nearly 4 billion messages every day for enterprise clients

MoEngage has achieved profitability in the October-December quarter of this year.
The startup is now gearing up to hit Dalal Street with plans for an initial public offering.
This milestone follows a massive $280 Mn Series F raise completed last year in 2025.
The company recently completed a reverse flip, moving its legal headquarters from the US back to India.
MoEngage reported an annual recurring revenue (ARR) of nearly $100 Mn as part of its latest financial disclosures.
The firm processes and sends nearly 4 billion messages every day across its global network.
Enterprise clients now contribute nearly 70% of the total revenue mix for the business.
The company maintains a strong net revenue retention rate of about 120% indicating high customer stickiness.

Achieving profitability so soon after a large funding round signals strong operational efficiency.
The reverse flip positions the company favorably for listing on Indian stock exchanges.
High net revenue retention suggests existing customers are expanding their usage significantly over time.

MoEngage provides a customer engagement platform that uses behavioural analytics and cross-channel orchestration.
Its flagship product helps brands improve retention, lifetime value, and repeat transactions through targeted messaging.
The platform integrates mobile apps, websites, offline touchpoints, emails, SMS, push notifications, and web messaging.
Cross-channel engagement features contribute nearly 80% of the company's total revenue.
The company shifted its focus to mid-market and enterprise clients to drive higher revenue per account.
North America accounts for ~30% of revenue while Europe/Middle East contributes ~25%.
India and Southeast Asia represent the largest share at ~45% of total revenue.
Early ventures included V’Inform, an SMS marketing tool, and Delhight Circle, a coupon platform launched in 2011.
The first client was TaxiForSure, followed by major brands like Gaana, ShopClues, Snapdeal, Just Eat, and BigBasket.

Product: Customer engagement and marketing automation platform with agentic AI agents
Customers: Consumer brands and enterprises managing customer interactions
How it makes money: SaaS subscription for customer engagement and marketing automation
What sets it apart: Proprietary AI agents that automate personalized customer interactions at scale