MoEngage, a customer engagement platform used by consumer brands across 75+ countries, announced a $180 million Series F follow-on transaction shortly after a prior $100 million fundraise. The round was structured heavily as secondary liquidity, with roughly $123 million coming via secondary transactions, including an employee tender that provided liquidity to hundreds of current and former employees, while the remaining ~$57 million was raised as primary capital to fund the business. The financing was led by ChrysCapital and Dragon Funds, with participation from Schroders Capital and existing investors, and it included secondary share sales from early backers. The deal reportedly valued MoEngage at “well over” $900 million post-money, and the company is said to be tracking toward ~$100 million in annualized recurring revenue (ARR) this year (figures not formally disclosed). MoEngage plans to invest the fresh capital into expanding its Merlin AI suite and increasing the use of AI agents to improve decision-making and efficiency for marketing teams. The company also aims to push deeper into product and engineering workflows by bundling analytics and transactional messaging into a broader offering, with the goal of lifting average contract values and expanding its addressable market.