The Software-as-a-Service (SaaS) market leader, MoEngage, has received a major regulatory milestone on its way to changing its headquarters. A reverse merger enabling the company to change its corporate domicile to India has been formally approved by the National Company Law Tribunal (NCLT). This strategic action is largely considered the initial step towards the larger restructuring process in the company as it gets ready to have a probable public market entry in the Indian stock exchanges in the next few years.
On January 12, 2026, the amalgamation scheme was sanctioned by the Bengaluru bench of the NCLT in a detailed order. This is a legal procedure where MoEngage Inc., which is the current parent company, is incorporated in the state of Delaware, and will merge with its main Indian subsidiary, MoEngage India Private Limited.
Due to this scheme, which has been approved, the US-based entity will be integrated into the Indian arm and essentially cease to exist without the need for a formal winding-up process. The Indian company will be provided with all the operational assets, liabilities, and business functions.
The reason behind the shift of corporate headquarters back to India is that, after a lot of internal deliberations and consultation with professional advisers and bankers. MoEngage has been actively considering different options for an initial public offering (IPO) dating back to last year.
Since the company has shifted its domicile to India, its corporate structure is in tandem with its long-term goal of being listed on local exchanges. The management has insisted that the timing and avenue through which the company is to effect the IPO will largely depend on the market conditions.
The founder and Chief Executive Officer, Raviteja Dodda, has already mentioned that the company is currently on a constant assessment of the optimal direction on how to proceed with its public listing. He emphasized that the main objective is to make sure that the company is IPO-ready in the coming two years. The NCLT has given this regulatory approval, which gives the required legal framework to enable this transition, whereby India is the key center through which the company will be recognized worldwide in terms of corporate identity.
The NCLT has been approved after MoEngage was able to raise an expanded Series F in December 2025. It was a large round of funding amounting to $280 million, of which a $180 million tranche had been announced earlier.
The financing was a full package of both primary and secondary dealings, with an impressive list of high-profile financiers. The round saw significant involvement by ChrysCapital, Dragon Fund, Goldman Sachs Alternatives, and A91 Partners, which can be used as proof that the investors had great confidence in the business model and growth prospects of the company.
Raviteja Dodda and Yashwanth Kumar co-founded MoEngage in 2014 with the intention of offering advanced customer engagement and analytics. The AI-based platform of the company is currently a significant asset to the marketing and product teams around the globe, and it assists them in dealing with intricate customer experiences in multiple digital interactions. The company employs around 800 people worldwide and has managed to expand its business so far to accommodate more than 1,350 businesses in 75 countries.
The client base of MoEngage is highly diverse, and it is divided into traditional businesses and digital-first businesses. Its customers are mostly known old-established firms, around 60%, with the rest being large new-age companies like Swiggy, Ola, Mamaearth, and Policybazaar. This wide range of portfolios highlights the flexibility of the technology used by MoEngage to satisfy the demands of different sectors.
Geographically, in terms of revenue, the company has a strong presence internationally. North America generates about 30% of its entire revenue, and Europe and West Asia are the two regions that generate 25%. The other part of its revenue comes through India and other international markets. This steady source of revenue, in addition to the new Indian domicile, puts MoEngage in a position to capitalize on its international achievements and extend its reach in the Indian ecosystem.
The approval of the reverse merger by the NCLT is a conclusive milestone for MoEngage. The Indian parent company is not only streamlining its corporate structure by consolidating its operations, but it is also an indication of its interest in the Indian capital markets. Having a strong support of the global investors and a well-developed technology platform with a large base of enterprises, MoEngage can now plan on its mission to be a publicly-traded company in India.