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Business messaging platform Gupshup raises $ 240 million from Tiger Global, Fidelity and more – TechCrunch

Gupshup, a business messaging platform that began its journey in India 15 years ago, surprised many. When raising $ 100 million in April this yearApproximately 10 years after the last round of funding, it gained the coveted unicorn status. Only three months later, a San Francisco-based start-up secured more capital from prominent investors.

on Wednesday, Gupshup He said he had raised another $ 240 million as part of the same Series F funding round. The new investment was led by Fidelity Management, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, specific accounts managed by Neuberger Berman Investment Advisers, and White Oak.

Former prominent executive of WhatsApp, Neeraj Arora, who played a key role in helping sell the messaging platform to Facebook, also wrote an important check on Gupshup with a new investment tranche. It continues to value startups at $ 1.4 billion. April.

In an interview with TechCrunch earlier this week, Gupshup co-founder and CEO Beerud Sheth said he had extended the funding round because of too many inbound demands from investors. He said new investors will provide startups with definitive insights and expertise. He said the round is now over.

By next year, the startup, which operates a conversational messaging platform that more than 100,000 companies and developers are currently using to build their own messaging and conversational experiences that serve users and customers. Sheth says he is beginning to consider exploring the public market. He warned that the final decision had not yet been made.

New investments, including some secondary deals (some early investors and employees are selling their shares), will be rolled out to expand Gupshup’s product offering, he said. rice field. The startup is also looking for some M & A opportunities, he added, with the potential to close some deals this year.

Before Gupshup became very popular with businesses, it existed on another avatar. Gupshup was best known for allowing Indian users to send group messages to their friends during the first six years of its existence. (They are Cheap texts and other clever techniques Ten years ago, tens of millions of Indians were able to keep in touch with each other over the phone. )

Sheth told TechCrunch in a previous interview.

“Gupshup was subsidizing messages for the service to work. We were paying the mobile operator. Once scaled up, the idea was to advertise in those messages. Simply put, as the volume of messages increased, operators thought they would lower prices, but they didn’t. Also, regulators said they couldn’t place ads in messages. “He said earlier this year.

At that time, Gupshup decided to pivot. “We couldn’t subsidize messages or monetize our user base, but we had all this advanced technology for high-performance messaging, so from the consumer model to the enterprise. We switched to a model, so we started serving banks, e-commerce companies, and airlines that needed to send high-level messages and could afford it, “said Freelance in 1998. Sheth, who co-founded Elance, said.

Over the years, Gupshup has been New messaging channel, include Conversational bot It also helps to establish and operate a company Their WhatsApp channel To engage with customers.

Sheth said many of the world’s leading companies in areas such as banking, e-commerce, travel and hospitality are among Gupshup’s clients. These companies use Gupshup to send transaction information and authorization codes to their customers, among other use cases. “These are not advertising or promotional messages. These are core service information,” he said.

This is a developing story. read more…

https://techcrunch.com/2021/07/28/business-messaging-platform-gupshup-raises-240-million-from-tiger-global-fidelity-and-others/ Business messaging platform Gupshup raises $ 240 million from Tiger Global, Fidelity and more – TechCrunch

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