Conversational messaging platform Gupshup has raised a fresh $240 million in funding from a clutch of investors, including Fidelity Management and Research Company, Tiger Global, Think Investments and Malabar Investments, the company said in a statement on Wednesday. The investment which comes less than four months after it secured $100 million from investors and is primarily a follow-on funding round also saw participation from Harbor Spring Capital, certain accounts managed by Neuberger Berman Investment Advisers, White Oak, Neeraj Arora and others.
Gupshup will use the fresh capital for secondary purchase of shares from current and former employees as well as prior investors. The firm is also exploring suitable M&A (merger and acquisition) opportunities to build on its business prospects.
The US-headquartered company led by co-founder and CEO Beerud Sheth that has significant business operations in India turned unicorn in April this year after Tiger Global infused $100 million into the firm at a valuation of $1.4 billion. Gupshup has raised a total of $340 million in 2021 so far.
The firm develops solutions that allow businesses to interact with their customers seamlessly using various messaging platforms. Gupshup’s API (application programming interface), for instance, enables over 100,000 developers and businesses to build messaging and conversational experiences delivering over 6 billion messages per month across more than 30 messaging channels. The company claims to have exited 2020 with an annual revenue run rate of approximately $150 million. Reportedly, India generates over 80% of the firm’s business.
“Conversations represent the new digital storefront for businesses – virtually every business will need to build them. We are transforming digital commerce around the world with conversational messaging,” said co-founder and CEO Beerud Sheth.