Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Messaging platform Gupshup joins unicorn club after $100 million funding

TechnologyApr 08, 2021 06:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© 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:CSCO), Unilever (NYSE:UL) and Walmart (NYSE:WMT)'s Flipkart, helping them communicate with their customers.

Messaging platform Gupshup joins unicorn club after $100 million funding
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email