The National Company Law Tribunal has approved a plan by software-as-a-service startup MoEngage to shift its domicile from the US to India, according to an order dated January 12.As a part of the plan, MoEngage's current holding company based in Delaware, US will merge into its Bengaluru-based entity, as per the order.In December, the company had closed a $280-million funding round from investors including private equity major ChrysCapital, Singapore’s Dragon Fund, Goldman Sachs Alternatives with A91 Partners in a mix of primary and secondary transactions. The round valued MoEngage at $850 million post-money.Founded in 2014 by Raviteja Dodda and Yashwanth Kumar, the company enables B2C brands to engage customers through AI-powered tools. About 60% of its clients are traditional enterprises, while the rest are new-age firms such as Swiggy, Ola, Mamaearth and Policybazaar.The company is gaining momentum as enterprises move away from legacy marketing cloud platforms and replace multiple point solutions with a single, integrated system.The development about the company receiving NCLT nod was first reported by Moneycontrol.
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