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BAT VC announces $100 Mn fund to back Indo-US startups

EntrackrEntrackr · 6m ago
BAT VC announces $100 Mn fund to back Indo-US startups
Medial

Former X India head Manish Maheshwari’s venture capital (VC) firm, BAT VC, has made a foray into India with the announcement of a $100 Mn fund to back early-stage ventures in the country. According to BAT VC, its Fund II will focus on startups operating in both India and the US across sectors such as AI, fintech, and SaaS. The fund is co-founded by Manish Maheshwari, Aditya Mishra, and Ravi Metta, with Maheshwari leading the VC firm’s regional expansion in the country. The VC firm says that Fund II has already attracted interest from “top-tier” institutional limited partners (LPs), strategic investors, and family offices in both India and the US. BAT VC plans to invest in startups before product-market fit (PMF), de-risking the execution with active support and internal frameworks. It will help founders access customers, capital, and talent in both India and the US. The VC firm prioritizes startups that place AI at the center of their product and business model. BAT VC also eyes Indo-US dual-market startups, which raise more capital on average than single-geography peers, adding that SaaS companies with operations in both nations demonstrate 1.8X higher median revenue growth. Established in 2021, BAT VC is a cross-border VC firm that backs AI-first early-stage startups in sectors such as fintech and SaaS. The VC firm claims to help founders achieve PMF and scale globally. It has backed notable companies including StockGro, Uptiq AI, Nickelytics, Accern, and others. The New York-based VC firm launched its maiden fund in 2022, which claims to have clocked an internal rate of return (IRR) of 30% and a multiple on invested capital (MOIC) of 1.61X. It also claims that the portfolio startups in its inaugural fund have achieved an average revenue growth of 210% within 18 months.

MoEngage raises $100 Mn from Goldman Sachs and A91 Partners

EntrackrEntrackr · 10d ago
MoEngage raises $100 Mn from Goldman Sachs and A91 Partners
Medial

MoEngage raises $100 Mn from Goldman Sachs and A91 Partners Customer engagement platform MoEngage has raised $100 million in its Series F round from existing investor Goldman Sachs Alternatives and new investor A91 Partners. The new round has come after more than three years for the Bengaluru and San Francisco headquartered company. The round comprises 60% primary and the remaining as secondary. With this round, MoEngage’s total funding has crossed $250 million. The company will use the proceeds to enhance its Merlin AI suite, a set of AI agents that help consumer brands automate campaign creation, offer decisioning, and improve conversion rates. It also plans to expand its go to market and customer success teams in North America and EMEA. “Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI led agility,” said Raviteja Dodda, chief executive officer and co-founder of MoEngage. “These enterprise migrations have accelerated our growth in the North America and EMEA regions,” he added. Goldman Sachs, which first backed MoEngage in 2022, has doubled its investment in this round. According to Entrackr’s sources, the firm was valued at around $700 million (post money) earlier. A MoEngage spokesperson did not comment on its current valuation. Founded in 2014 by Dodda and Yashwanth Kumar, MoEngage offers insights led customer engagement tools that help brands target users across web, mobile, email, and messaging channels. The platform counts SoundCloud, McAfee, Flipkart, Kayak, Domino’s, and Deutsche Telekom among its clients. The company serves over 1,350 consumer brands across 75 countries, powering digital experiences for more than 2 billion users each month.

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