Early-stage venture capital fund, VenturEast, has realised a 10x return on its investment in customer engagement platform MoEngage through a partial exit completed alongside the company’s $100 million series F funding round led by Goldman Sachs Alternatives and A91 Partners. As per VenturEast, the transaction marks a significant milestone in its portfolio journey and complements its track record in real AI. The exit also underscores the strength and global relevance of India’s Agentic AI ecosystem, it said.

"VenturEast first backed MoEngage in 2018. The partial exit delivered a 10x multiple on invested capital (MOIC) and a 47% internal rate of return (IRR) over a 7-year holding period, underscoring VenturEast’s early conviction in MoEngage’s product vision and global scalability," the company said, adding that MoEngage has not only delivered value to customers but has also shown that Indian AI/ SaaS companies can deliver real, realized returns to investors worldwide.

“We backed MoEngage at a time when building a global SaaS company out of India was still an emerging possibility, and watching their journey has been immensely rewarding. The team’s clarity of vision, relentless execution, and ability to scale across markets validated our early conviction. MoEngage stands alongside our successful AI/ SaaS investment-to-exit journeys with VideoVerse, Zaggle, and Seclore, underscoring the depth of our portfolio in this space," Vinay Rao, Partner at VenturEast, said.

The MoEngage exit adds to VenturEast’s recent liquidity events in companies including Videoverse, Zaggle, 24 Mantra and e2e Rail. VenturEast also has strong IPO-bound portfolio companies such as Kissht, Acko and Lohum.

MoEngage supports over 1,350 global customers, including hundreds of brands that have migrated from legacy marketing clouds. "Trust has brought us to an important milestone: raising $100 million, led by Goldman Sachs Alternatives, part of Goldman Sachs Alternatives and A91 Partners," Raviteja (Ravi) Dodda, Co-founder and CEO of MoEngage. In a blog post, he wrote that the latest funding will allow it to move faster on its mission by accelerating innovation through products and Merlin AI, its suite of intelligent agents purpose-built for marketing and product teams to help brands discover insights, generate assets, and drive engagement.

The company also aims to expand its customer success and go-to-market teams in North America and EMEA, which will allow it to scale faster and create more connected experiences. Avendus Capital had acted as the exclusive financial advisor to MoEngage and its shareholders.

Kaushik Anand, Partner at A91 Partners, said A91 is "impressed" by MoEngage's ability to "consistently innovate and expand" their product offerings. "We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships."

Early-stage tech investor VenturEast, which has been investing since 1997, manages close to $325 million. The fund invests across deeptech (climate, industry, mobility, energy, agri); product software (enterprise, SaaS, dev tools, data, AI, genAI applications); B2B (supply chain digitisation, e-commerce enablers), and middle India (fintech, consumertech, and health).