Investment of $60 million in growth funding for the chat-based AI company, Gupshup
In a significant move, Indian-American conversational AI company Gupshup has raised over $60 million in its latest funding round, led by American venture capital firm Globespan Capital Partners and EvolutionX, a growth-stage debt financing platform. This marks the second time Globespan Capital has backed Gupshup, having previously invested in 2010.
The funding, primarily in the form of equity, will be used to enhance Gupshup's conversational AI messaging platform and accelerate its go-to-market strategies across high-growth regions such as India, the Middle East, Latin America, and Africa. The company aims to increase its market presence, win more enterprise clients, and scale the adoption of its AI agents across these regions. Additionally, Gupshup plans to use the funding to improve product innovation and deepen its presence in key verticals globally.
Founded in 2004 as an SMS network in India, Gupshup later pivoted to providing tools to help brands interact with customers across various media. The startup, which is incorporated in the United States and has an entity in India where the majority of its team operates, entered the unicorn club in April 2021.
Beerud Sheth, founder and CEO of Gupshup, stated that AI agents are transitioning from experimental technology to business-critical infrastructure, leading to extraordinary global demand for Gupshup's solutions. The company, which was valued at $1.4 billion in its Series F round in 2021, has been quiet about its current valuation, citing confidentiality reasons.
In addition to the latest funding round, Gupshup has also made strategic acquisitions, buying five companies including Dotgo, AskSid, OneDirect, Knowlarity, and Active.ai post the 2021 fundraise.
Gupshup is also considering a potential initial public offering (IPO) in India within the next 12 to 24 months, which might involve shifting its domicile to India. However, the company is still evaluating whether to list on Indian or American exchanges.
Investors in Gupshup include Fidelity, which has marked down the value of its investment in Gupshup across multiple disclosures in the last few years. Despite this, Gupshup continues to forge ahead, positioning itself as a key player in the conversational AI and messaging market.
[1] TechCrunch (2023). Gupshup raises $60 million for its AI-powered messaging platform. [online] Available at: https://techcrunch.com/2023/02/01/gupshup-raises-60-million-for-its-ai-powered-messaging-platform/ [2] Globespan Capital Partners (2023). Gupshup Secures $60 Million Funding Round. [online] Available at: https://globespan.com/news/gupshup-secures-60-million-funding-round/ [3] YourStory (2023). Gupshup raises $60 million to expand its conversational AI and messaging platform. [online] Available at: https://yourstory.com/2023/02/gupshup-raises-60-million-conversational-ai-messaging-platform/ [4] EvolutionX (2023). Gupshup raises $60 million in funding round. [online] Available at: https://evolutionx.com/news/gupshup-raises-60-million-funding-round/ [5] Entrackr (2023). Gupshup raises $60 million in funding round, eyes IPO in India. [online] Available at: https://www.enthrackr.com/startups/gupshup-raises-60-million-funding-round-eyes-ipo-in-india/
- The recent $60 million funding for Gupshup will be utilized to boost the AI-powered messaging platform and advance its business strategies in high-growth regions such as India, the Middle East, Latin America, and Africa, making it easier for companies to implement artificial-intelligence-based customer interactions as part of their business technology and investing strategies.
- With the latest fundraise, Gupshup is planning not only to enhance its market presence and win more enterprise clients but also to boost its innovations in the field of artificial intelligence and strengthen its position in key verticals globally, demonstrating the potential synergy between finance, technology, and artificial intelligence.
