Listen to this article in summarized format
Loading...
××
Subscribe to
Unlock AI Briefing and Premium Content
Subscribe NowWhat's Included
- Exclusive Stories
- Daily ePaper Access
- Smart Market Tools
- Curated Investment Ideas
- Ad-lite Experience
Subscription
The National Company Law Tribunal (NCLT) has approved a plan by software-as-a-service (SaaS) startup MoEngage to shift its domicile from the US to India, according to an order dated January 12.
As per the order, MoEngage's current holding company, based in Delaware, US, will merge into its Bengaluru-based entity.
In December, the company closed a $280 million funding round from investors including private equity major ChrysCapital, Singapore’s Dragon Fund, Goldman Sachs Alternatives, and A91 Partners in a mix of primary and secondary transactions. The round valued MoEngage at $850 million post-money.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, the company enables business-to-consumer (B2C) brands to engage customers through artificial intelligence (AI)-powered tools. About 60% of its clients are traditional enterprises, while the rest are new-age firms such as Swiggy, Ola, Mamaearth, and Policybazaar.
The company has been gaining momentum as enterprises move away from legacy marketing cloud platforms and consolidate multiple point solutions into a single, integrated system.
The development about the company receiving the NCLT nod was first reported by Moneycontrol.
In an earlier interaction with ET, Dodda said the company was evaluating its options for a potential public listing. “We continue to evaluate from the IPO standpoint on what is the right avenue for us in the coming years,” he said, adding that MoEngage aims to be IPO-ready in the next couple of years, with the timing dependent on market conditions. He had also said a flip back to India would depend on where the company eventually lists.
ET has reached out to MoEngage for comments.
MoEngage employs close to 800 people globally, with clients spread across India, North America, Europe, and West Asia. About 30% of its revenue comes from North America, 25% from Europe and West Asia, and the remainder from India and other markets.
Early investor Z47 (formerly Matrix Partners India) has already made a full exit from the company, earning around $80 million, along with VenturEast, which also sold its entire stake. Eight Roads Ventures and Helion Venture Partners are learnt to have partially exited through secondary transactions.
The development comes amid a broader trend of new-age SaaS startups, including Amagi Media Labs and Capillary Technologies, tapping the Indian public markets recently.
As per the order, MoEngage's current holding company, based in Delaware, US, will merge into its Bengaluru-based entity.
In December, the company closed a $280 million funding round from investors including private equity major ChrysCapital, Singapore’s Dragon Fund, Goldman Sachs Alternatives, and A91 Partners in a mix of primary and secondary transactions. The round valued MoEngage at $850 million post-money.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, the company enables business-to-consumer (B2C) brands to engage customers through artificial intelligence (AI)-powered tools. About 60% of its clients are traditional enterprises, while the rest are new-age firms such as Swiggy, Ola, Mamaearth, and Policybazaar.
The company has been gaining momentum as enterprises move away from legacy marketing cloud platforms and consolidate multiple point solutions into a single, integrated system.
The development about the company receiving the NCLT nod was first reported by Moneycontrol.
In an earlier interaction with ET, Dodda said the company was evaluating its options for a potential public listing. “We continue to evaluate from the IPO standpoint on what is the right avenue for us in the coming years,” he said, adding that MoEngage aims to be IPO-ready in the next couple of years, with the timing dependent on market conditions. He had also said a flip back to India would depend on where the company eventually lists.
ET has reached out to MoEngage for comments.
MoEngage employs close to 800 people globally, with clients spread across India, North America, Europe, and West Asia. About 30% of its revenue comes from North America, 25% from Europe and West Asia, and the remainder from India and other markets.
Early investor Z47 (formerly Matrix Partners India) has already made a full exit from the company, earning around $80 million, along with VenturEast, which also sold its entire stake. Eight Roads Ventures and Helion Venture Partners are learnt to have partially exited through secondary transactions.
The development comes amid a broader trend of new-age SaaS startups, including Amagi Media Labs and Capillary Technologies, tapping the Indian public markets recently.
