MoEngage, the insights-led customer engagement platform, has announced strategic expansion plans in the Middle East and Africa (MEA) region, to reiterate its commitment to the region and closely serve the needs of its local customers.
Founded in 2014, the San Francisco and Bengaluru headquartered company, which operates on a software-as-a-service (SaaS) model, plans to help Middle Eastern businesses become customer-centric through personalised communication at every touchpoint across the lifecycle. The firm has onboarded experts in the leadership and mid-level management roles and is planning to expand its base of channel partners in the region.
Co-founded by Raviteja Dodda (CEO) and Yashwanth Kumar (CTO) in 2014, MoEngage has more than 50 customers in the region including the likes of retail giants Landmark, Apparel Group, and Azadea, one of the oldest banks Mashreq, NASDAQ listed shared mobility player SWVL as well as Nigerian e-commerce company Mano Africa amongst others.
MoEngage has surpassed the $100M mark in total funding raised. In December 2021 MoEngage raised $30 million in funding, more than doubling the company's previous valuation from its earlier Series C1 investment in July 2021 in which it raised $32.5 million. The funding round in December 2021 was led by new investor Steadview Capital, with participation from the company's existing investors Multiples Alternate Asset Management, Eight Roads Ventures, F-Prime Capital, and Matrix Partners.
“In a digital-first world, omnichannel customer engagement is critical for customer facing brands. We’re excited to partner with Ravi (Dodda) and team as MoEngage empowers global enterprises to be more insights driven, while crafting personalised engagement at scale,” said Manish Gaur, managing director and head - enterprise technology at Multiples Alternate Asset Management. “We continue our pursuit of partnering exceptional entrepreneurs and backing distinctive ideas to create industry leaders.”
Personalisation and digitisation will become key to engaging the rising wave of tech-savvy customers in the Middle East. Around 67 per cent of Middle Eastern consumers are likely to switch to digital channels in 2022 to engage with top brands.
"With the rapid penetration of smartphones into the region, a new view of customer and brand engagement has emerged marking the end of the one-size-fits-all messaging era. Today, a single message can’t get the job done unless it’s perfectly tailored to every customer. Customers are more empowered now than ever before and are in control of their relationship with a brand. These customers continually demand personalisation throughout the buying journey," said Kumar.
"Digitisation is not a trend anymore but an everyday reality. To tap into this vast and diverse consumer market, brands first need to have a customer data platform (CDP) sourced from various touchpoints (point of sale, website visits, browsing history, etc) that gives insights into consumer behaviour. Brands should also deploy artificial intelligence, machine learning, and data analytics to understand customer behaviour and personalize customer experiences across channels accordingly."
Indeed, the Middle East, with Dubai leading, is witnessing a paradigm shift in the deployment of AI-powered personalisation benefitting both the consumers and businesses alike.
Local brands and benefits
Retail giant Landmark Group and Mashreq are perfect examples of how digitisation and personalised communication can win over millennial engagement resulting in higher conversion rates.
Post digitisation, Landmark observed a 30 per cent uplift in delivery and engagement rates and a 5 per cent increase in conversion rates. Similarly, Mashreq Neo witnessed a 16 per cent boost in debit card activation after personalising its communication to customers. Another successful case in point is Azadea Group. The group witnessed 300 per cent increase in new weekly customers and a 27 points improvement in NPS after order status automation.
With 50+ customers in the Middle East and Africa (Mena) region, MoEngage aims to strengthen its global presence by doubling revenue from MEA in 2022. MoEngage has onboarded Kunal Badiani as the regional head and will own the mandate to drive growth, innovation, and sales expansion for MoEngage’s platform and services in the MENA region.
MoEngage's global employee count has now reached more than 500. The company is currently hiring for numerous positions in Boston, New York, and its existing office in San Francisco.
"Delivering a personalised customer experience across channels has never been more relevant than it is today. We are thrilled to partner with the MoEngage team on their mission and growth journey. MoEngage's unique insights-led approach to customer engagement and campaigns makes it easier for brands to drive results and build better relationships with their customers," said Ravi Mehta, founder and CIO of Steadview Capital. — email@example.com
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