Home Business Messaging platform Gupshup joins unicorn club after $100 million funding By Reuters

Messaging platform Gupshup joins unicorn club after $100 million funding By Reuters

13
0


© Reuters.

By Akanksha Rana

(Reuters) – Gupshup on Thursday said it had raised $100 million from investment firm Tiger Global Management, valuing the messaging services provider at $1.4 billion.

The company, which had its last funding round about a decade ago, said it saw greater investor demand than anticipated and would raise additional funds as it looks to scale up its existing product portfolio.

“This funding allows us to scale our product and sales efforts that will make it a more attractive company to public market investors,” Chief Executive Officer Beerud Sheth said, adding that the funding “accelerates” the company’s ability to go public.  

The COVID-19 pandemic has forced people and companies to rely heavily on messaging apps and business conferencing tools, with more people now using social media to stay in touch with friends and family.

Gupshup, which has been growing solely based on internal profits, saw a growth of over 80% in volumes from pre-pandemic levels, Sheth said. Gupshup’s annual revenue run rate last year was $150 million.

Founded in 2004 and known for popularizing bulk text messaging, the Silicon Valley-based firm now offers a single messaging platform to companies, including Cisco (NASDAQ:), Unilever (NYSE:) and Walmart (NYSE:)’s Flipkart, helping them communicate with their customers.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.