Raised Funds to Be Used to Scale Chat Platform
The fresh funding for the startup company comes after years of profitable growth, innovation, and consumer adoption, boosting Gupshup to become a top chat platform. More than 100,000 developers and companies use Gupshup’s API to build and share chat experiences, handling more than 6 billion messages per month across over 30 messaging channels.
The company will use the new capital to scale its platform and for go-to-market initiatives around the world in an effort to transform B2C (business-to-consumer) interactions by offering conversational experiences through chat channels.
“The growth in business use of messaging and conversational experiences, transforming virtually every customer touchpoint, is an exciting secular trend,” said John Curtius, a partner at Tiger Global Management.
“Gupshup is uniquely positioned to win in this market with a differentiated product, a clear and sustainable moat, and an experienced team with a proven track record. In addition to its market leadership, Gupshup’s unique combination of scale, growth, and profitability attracted us,” he said.
The Silicon Valley-based company has been a business chat leader in India, where the majority of big-name brands use its API for consumer engagement through a number of channels, particularly SMS.
The last few years saw messaging become more conversational as SMS messages allow hyperlinks and due to the emergence of new IP-based messaging channels, including WhatsApp, RCS, and the Gupshup IP (GIP) messaging channel.
Gupshup offers an extensive array of business services such as messaging APIs, bot platform, bot building solutions, scripting engine, omnichannel inbox, conversational AI services, client-side software, and more.
The supremacy of those messaging platforms prompted companies to follow consumers to their favorite messaging apps. Additionally, the new conversational experiences have allowed businesses to improve the engagement and interactions with their customers, as well as their sales. These experiences now represent a new digital storefront, with the transformation toward digital getting an even stronger boost amid the coronavirus pandemic.
“Gupshup’s mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences. As we work towards our mission, we are delighted with this investment from Tiger Global, given its incredible track record of making big, bold, successful bets on innovative, category-defining companies worldwide,” said Beerud Sheth, co-founder and CEO of the startup company.
Before this funding round, the chat startup last raised funds ten years ago. The startup company grew significantly in the past several years, closing 2020 with an annual revenue run rate of roughly $150 million.
Chat startup company Gupshup secured $100 million in fresh funding from Tiger Global Management at a post-money valuation of $1.4 billion. The startup company plans to use the proceeds to scale products and invest in global go-to-market initiatives to help transform business-to-consumer interactions by offering conversational experiences through messaging channels.
About the Author
Avi Ben Ezra is the CTO and Co-founder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.