NCLT Approves MoEngage’s Reverse Flip Plan for India Domicile Shift
NCLT clears MoEngage’s India domicile shift
The National Company Law Tribunal (NCLT) has approved software-as-a-service (SaaS) startup MoEngage’s plan to shift its domicile from the US to India, according to an order dated January 12.
As part of the restructuring, the company’s Delaware-based holding entity will merge into its Bengaluru-based arm, effectively relocating its corporate base to India.
The move comes weeks after MoEngage raised $280 million in a funding round led by ChrysCapital, Singapore’s Dragon Fund, Goldman Sachs Alternatives, and A91 Partners, through a mix of primary and secondary transactions. The round valued the company at $850 million post-money.
Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, MoEngage provides AI-powered customer engagement tools that help business-to-consumer brands personalise marketing and communication.
Nearly 60% of its clients are traditional enterprises, while the rest include new-age brands such as Swiggy, Ola, Mamaearth and Policybazaar.
The company has benefited as enterprises move away from legacy marketing cloud platforms and consolidate multiple tools into integrated systems.
Dodda had earlier said the firm was evaluating options for a potential public listing.
“We continue to evaluate from the IPO standpoint on what is the right avenue for us in the coming years,” he had said, adding that the company aims to be IPO-ready within the next few years, depending on market conditions. He had also indicated that a reverse flip to India would depend on listing plans.
MoEngage employs nearly 800 people globally, with revenue distributed across North America (30%), Europe and West Asia (25%), and India and other markets.
On the investor side, early backer Z47 (formerly Matrix Partners India) has fully exited with returns of around $80 million, while VenturEast has also sold its entire stake. Eight Roads Ventures and Helion Venture Partners are understood to have partially exited through secondary transactions.
The development aligns with a broader trend of Indian SaaS startups, including Amagi Media Labs and Capillary Technologies, preparing to tap domestic public markets.
