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Moengage, an insights-led customer engagement platform on Saturday said it has raised $32.5 million (Rs 241.7 crore) in a funding round, led by Multiples Alternate Asset Management.

Existing investors Eight Roads Ventures, F-Prime Capital and Matrix Partners, also participated, while Exfinity Venture Partners made a healthy exit in this round, a statement said.

The funding will support and accelerate MoEngage’s global growth strategy and further strengthen the product’s AI and predictive capabilities, it added.

As part of this funding round, MoEngage also completed an Employee Stock Option Plan (ESOP) buyback of $1.5 million for its current and former employees.

MoEngage has added over 250 new customers in the past year and counts large brands such as McAfee, Nestle, Domino’s, Deutsche Telekom, Travelodge, Ally Financial, BYJU’S, Flipkart, CIMB Bank and JD.ID as customers.

This series C1 round of funding is a mix of primary and secondary investments, MoEngage co-founder and CEO Raviteja Dodda said.

“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue has doubled in the last 12 months and our business growth in the U.S. and Europe has tripled in the first half of 2021 as compared to the second half of 2020,” he added.

This funding will help the company further accelerate its global growth and product innovation, he said.

The company has 375 employees and has ambitious hiring plans. It has opened up offices in the UK, Germany and Vietnam over the past year, with plans to open offices in New York City and Boston this year.

The company also plans to invest in strengthening the partnership ecosystem and the #GROWTH Peer-to-Peer learning community, the statement said.

“Our rapid growth can be attributed to investments in the areas of product innovation and customer success. Over the last two years we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence,” Dodda said.

The company will continue its investments to extend its lead in this space, he added.

“As the digital space becomes competitive, we envision brands shifting from a rule-based tool to an intelligent platform that empowers marketers and product owners with AI-driven insights and optimisation,” Dodda noted.