AI conversational messaging platform Gupshup on Wednesday, July 28, announced it has raised an additional $240 million to expand in mobile-first economies around the world. The new funding round follows the $100 million raise from US-based investment firm Tiger Global in April at a $1.4 billion valuation.
Gupshup works in the domain of conversational messaging, by which businesses can use 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,â€ť Gupshup said.
Gupshup said it will use the investment to continue executing its vision and for secondary purchase of shares from current and former employees as well as prior investors.
"Gupshup is also exploring M&A opportunities to expand its business opportunities," it said.
"We are transforming digital commerce around the world with conversational messaging. We look forward to partnering with our new investors given their incredible track record of backing category-creating companies," said Beerud Sheth, co-founder and CEO, Gupshup.
â€śConversations represent the new digital storefront for businesses - virtually every business will need to build them,â€ť said Sheth added.
The new funding came from investors including Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, Neeraj Arora and others..
"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," said Shashin Shah, Managing Principal at Think Investments.
The company has raised $340 million this year, with its last funding round in April 2021. Gupshup said it has grown rapidly over the last few years, exiting 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 US.