Messaging startup Gupshup raises $240 million
Silicon Valley-based messaging startup Gupshup announced on Wednesday that the company raised $240 million in a funding round from a group of investors including Tiger Global, Fidelity, Think Investments, Malabar Investments, and Harbor Spring Capital. Certain accounts managed by Neuberger Berman Investment Advisers, White Oak, and Neeraj Arora also partook in the current round.
The fundraising follows the $100 million the startup had raised from Tiger Global in April that valued the company at $1.4 billion.
Founded by IIT-Bombay alumni Beerud Sheth, conversational messaging startup Gupshup provides SMS, email, Voice, USSD and IP messaging and chatbot development services to leading BFSI, Retail, e-commerce companies.
The platform has presence in India, LATAM, South East Asia, Middle East, Eastern Europe, Africa, and the US.
Gupshup processes over six billion messages per month and wrapped 2020 with an annual revenue run rate (ARR) of around $150 million.
Gupshup will use the fresh funding for product development and go-to-market initiatives besides exploring M&A opportunities to expand its market presence. It will also utilise this investment for the secondary purchase of shares from current and former employees and prior investors, Beerud Sheth said in an interview.
Shashin Shah, Managing Principal at Think Investments said, “We see considerable growth in India’s digital economy. Gupshup’s technology platform is an essential instrument for businesses building a digital footprint.”
“We have tracked Gupshup’s growth for a while and believe they are the most evolved customer communications platform In India and progressively in other emerging markets as well, with a leadership position in the most attractive and fast-growing sub-segments of the market,” said Sumeet Nagar, Managing Director at Malabar Investments.