MoEngage raised $100 million in a funding round led by A91 Partners with participation from Goldman Sachs Alternatives, announced in early November 2025. The capital will be used to expand its Merlin AI suite for marketing decisioning and to accelerate North American expansion. The round, comprising both primary and secondary components, values the firm in the mid-hundreds of millions and underscores continued investor interest in AI-enabled enterprise SaaS solutions.