monengagea customer engagement platform used by consumer brands in 75 countries, has raised $180 million in a Series F follow-on round just one month after raising $100 million, with the majority of the funding in the latest round providing liquidity to investors and employees through secondary transactions.

Of the latest additions, about $123 million was secondary, including a $15 million employee tender that provided liquidity to 259 current and former employees, while the remaining $57 million was raised as core capital and went into the business. The round was led by ChrisCapital and Dragon Funds, with participation from Schroders Capital and existing investors TR Capital and B Capital. Early backers, including Eight Streets Ventures, Hellenic Venture Partners, Z47, and Venturist, sold shares in a secondary transaction.

The deal was worth “well over” $900 million post money, according to the person close to the deal, who added that it is tracking $100 million in annual recurring revenue this year. Mongage did not disclose these figures.

Mongage plans to use the fresh capital to further invest in its Merlin AI suite and expand the use of AI agents to improve decision-making and performance for marketing teams, Rivetija Duda (pictured above), co-founder and chief executive, said in an interview. The startup is also pushing deeper into product and engineering teams by bundling its analytics and transactional messaging tools, which it expects will increase average deal values ​​and expand its addressable market.

“When you look at customer engagement, it’s not necessarily focused on marketing teams. There are product and engineering teams, which are also focused on how customers behave and ways to make sense of the data,” Duda said.

Mongage also plans to use part of its fresh capital increase to pursue strategic acquisitions, particularly in the US and Europe, targeting software companies that complement its customer engagement platform or help accelerate its expansion in those markets. It is also targeted at smaller AI teams to bolster their intelligence-led offerings.

The 11-year-old startup, headquartered in Bengaluru and San Francisco, derives more than 30% of its revenue from North America, about 25% from Europe and the Middle East, and the remaining 45% from India and Southeast Asia.

Munage’s secondary-heavy structure reflects its late-stage position, allowing early investors and employees to take liquidity without forcing the company into an imminent public listing. This approach gives investors the flexibility to choose their next steps based on business priorities rather than exit timelines.

“This gives us an opportunity to not rush the IPO,” Duda said.

Moviage expects earnings before interest, taxes, depreciation, and amortization (EBITA) to turn around this quarter and is targeting compound annual growth of about 35 percent over the next three years, Duda said.

Bhavon Torakhia, co-founder and chief executive of fintech firm Zeta, a Mevanage customer, said the startup’s analytics and messaging tools have helped improve onboarding, activation and cross-selling across key customer journeys.

The secondary component of the round also enabled some early investors to exit entirely. Venturist, which backed Moengage in 2018, is one of them. His colleague Vinay Rao told TechCrunch that the VC firm recorded a return of around 10-10 times on its investment on a diluted basis.

Rao said that while many global customer engagement companies operate with a cost structure geared toward the US market, Myngage has maintained an India-based cost structure, which he says has helped it compete more effectively in the US while scaling the business.

With the latest round, Mongage has raised approximately $307 million in primary funding to date. Avondos advised Mongaj on this transaction.