Gupshup, a conversational messaging platform for companies to manage customer interactions, on Wednesday said that it has raised an additional $240 million in follow-on funding from a group of investors including Fidelity Management and Research Company LLC, Tiger Global.
The funding round also saw participation from Think Investments, Malabar Investments, Harbor Spring Capital, certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, Neeraj Arora and others.
This funding round follows the $100 million fundraise from Tiger Global in April, at a $1.4 billion valuation.
Gupshup’s conversational messaging platform helps businesses across industries interact and manage customer requirements through AI-powered conversational journeys on messaging apps, across marketing, commerce and support workflows. Customers can discover products, pay for them, track delivery, provide feedback and get support while chatting with their favourite brands like they would with friends and family.
Gupshup will use this investment to grow its business as well as for secondary purchase of shares from current and former employees as well as early investors. Gupshup will invest in product innovation for digital commerce enablement as well as expanding go-to-market initiatives in mobile-first economies around the world. Gupshup is also exploring M&A opportunities to expand its business opportunities.
“We see substantial growth in India’s digital economy,” said Shashin Shah, managing principal at Think Investments. “Gupshup’s platform is an essential tool for businesses building a digital footprint. We’re excited to partner with Gupshup, given its market-leading position, innovation-led growth and attractive financial profile,” he added.
“We have followed Gupshup’s progress for a long while and believe that they are the most evolved customer communications platform in India and increasingly growing in other emerging markets, with a leadership position in the most attractive and fastest-growing sub-segments of the market,” said Sumeet Nagar, managing director, Malabar Investments.
“Conversations represent the new digital storefront for businesses – virtually every business will need to build them,” said Beerud Sheth, co-founder and CEO, Gupshup. “We are transforming digital commerce around the world with conversational messaging.”
Gupshup ended 2020 with an annual revenue run rate of approximately $150 million. Gupshup is present in India, LATAM, South East Asia, Middle East, Eastern Europe, Africa and the United States.
