Enterprise messaging platform Gupshup has become 10th Indian startup to enter billion-dollar club in 2021. The San Francisco-based startup has secured $100 million from Tiger Global at a valuation of $1.4 billion. The messaging platform , which has main operations in India, the US and the UK, joins Indian startups like ShareChat (and Moj), PharmEasy, CRED, Meesho, Digit Insurance, Innovaccer and Infra.Market etc who became unicorn this year.
“Gupshup’s mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences,” said Beerud Sheth, Gupshup Cofounder and CEO.
“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,” Sheth added.
The startup helps businesses and customers interact with ease using mediums such as SMS, and WhatsApp. This is how it works. The company has developed an application programming interface (API) that enables banks or an airline to inform and interact with customers through SMS, or WhatsApp.
Gupshup’s API enables over 100,000 developers and businesses to build messaging and conversational experiences delivering over six billion messages per month across more than 30 messaging channels. Gupshup said it will use this investment to rapidly scale product and go-to-market initiatives worldwide in order to accelerate the transformation of business-to-consumer interactions with conversational experiences delivered over messaging channels.
“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,” said John Curtius, Partner at Tiger Global Management.
Gupshup’s last funding round was in 2011. It grew rapidly over the last few years, exiting 2020 with annual revenue run rate of approximately $150 million.