Goldman Sachs nears $30-50 million MoEngage deal in signs of SaaS deals comeback
Goldman Sachs is in advanced stages of talks to double down on enterprise software-as-a-service (SaaS) company MoEngage with a $35-50-million investment through a secondary transaction.
The development comes amid increased deal activity in late-stage SaaS startups, with companies such as Whatfix, Innovaccer, Icertis, Atlan and Rocketlane having raised funds or are in the process of finalising rounds.
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The deal activity has picked up pace even as SaaS funding valuation multiples have readjusted significantly over the past year, people aware of the developments said.
“The contours are still being finalised, but there may be a discount to MoEngage’s last valuation for this Goldman investment,” the person quoted above said.
The Bengaluru-based marketing focused SaaS firm was last valued at $700 million following a $77 million funding round led by Goldman Sachs and B Capital in 2022.
Goldman Sachs declined to comment while MoEngage did not respond to an email query till press time Thursday.
World Bank arm International Finance Corporation (IFC) recently made a disclosure saying it plans to invest
