San Francisco, California, based info-tech messaging Unicorn Gupshup concluded its Series F funding round with a total fundraise of US$ 240 million on July 28 2021. The venture round marked the partook of multiple high-profile and notable investors like Fidelity Management, Tiger Global, Harbor Spring Capital, White Oak, Think Investments, Malabar Investments and certain accounts managed by Neuberger Berman Investment Advisers.
Established nearly two decades ago in California, Gupshup was founded by Beerud Sheth, Dr Milind R Agarwal and Rakesh Mathur. Gupshup is a conversational messaging platform that enables its users to chat and share their short texts both, privately and publicly. HDFC and ZeeTV to fasten and retain consumers. Its platform manages over 4 billion messages per month and has accouched over 150 billion messages in total.
The CRM Unicorn Gupshup has also created a smart messaging app, Teamchat, which introduced patent-pending “smart” messages in 2014 itself way ahead of its time, where the competitors are now offering the technology. Gupshup’s Smart messaging platform also enables developers to instantly and easily access the tools which assist the users to build, test, deploy, monitor, and track bots and other smart messaging services.
The startup is also likely to step foot in a US IPO earlier next year as the CEO Beerud Sheth says, “There was still more investor interest, and the company wanted to build relationships with the public market investors. So, having a relationship with them now will help us in doing an IPO later.”
What the CEO has to say
Gupshup CEO Sheth said, “This funding round was driven by strong investor interest in Gupshup, given the overall growth in the conversational messaging space and the innovation-led market leadership position Gupshup has established. Some of the funds from this round will be used for a share buyback from employees and investors that supported the company for nearly 15 years.”
What the Investors have to say
Managing Principal at Think Investments, Shashin Shah, said, “We see substantial growth in India’s digital economy. 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.”
Malabar Investments, Managing Director, Sumeet Nagar, comments on the latest venture, “We believe that Beerud and team have the unique opportunity to expand the addressable market on the back of new offerings and scale the business up significantly, which is a perfect recipe for massive value creation. I have known Beerud for over three decades, and all of us at Malabar are delighted to partner with Gupshup in the next stage of their journey.”
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