Its raining unicorns in India. Not the legendary animal, however corporations whose valuations have crossed the $1 billion mark. the newest to hitch the coveted “unicorn membership” is conversational messaging platform Gupshup.
The agency, which works within the enterprise messaging house, mentioned Thursday it had raised $100 million in funding from Tiger Global Administration, at a valuation of $1.4 billion.
The announcement got here shortly after Mohalla Tech, the guardian agency of quick video app Moj and Indic language social media platform ShareChat mentioned it had raised $502 million from Lightspeed Ventures and Tiger International, together with participation from Snap Inc, Twitter and India Quotient, valuing it over $2.1 billion.
Gupshup’s final funding spherical was in 2011. It exited 2020 with annual income run fee of roughly $150 million.
Gupshup mentioned this spherical of funding will probably be adopted by a second spherical with important further funds raised from extra buyers, to be introduced later. Gupshup’s API allows over 100,000 builders and companies to construct messaging and conversational experiences delivering over 6 billion messages per thirty days throughout over 30 messaging channels.
Sheth mentioned the agency can even have a look at a public itemizing quickly.
Amongst its current notable partnerships was one with smartphone maker OnePlus in 2019, as a part of which Gupshup made managing SMSes simpler with clasification and visualizations.
“We’re constructing predefined, prebuilt experiences for various industries, and totally different verticals. For instance, we’re constructing one thing for eating places, one thing else for inns, one thing else for banks and e-commerce companies and journey websites,” mentioned Sheth.
Earlier than Gupshup, Sheth had based on-line freelancing platform Elance, which is now a listed firm known as Upwork.
The corporate mentioned it is going to use this funding to quickly scale product and go-to-market initiatives worldwide in an effort to speed up the transformation of business-to-consumer interactions with conversational experiences delivered over messaging channels.
“The expansion in enterprise use of messaging and conversational experiences, reworking nearly each buyer touchpoint, is an thrilling secular pattern”, mentioned John Curtius, Accomplice at Tiger Global Administration. He added, “Gupshup is uniquely positioned to win on this market with a differentiated product, a transparent and sustainable moat, and an skilled crew with a confirmed monitor file. Along with its market management, Gupshup’s distinctive mixture of scale, progress and profitability attracted us.”
The corporate has lengthy been a frontrunner in enterprise messaging in India. It competes with comapnies like Tanla Options and Route Cell in India, Twilio within the US and Sinch in Europe.
With a give attention to automated, self-serve, developer-centric, partner-friendly APIs and options, Gupshup is making it simpler and faster for companies, massive and small, to leverage IP messaging and construct conversational experiences for his or her prospects. Gupshup provides a complete suite of options together with messaging APIs, bot platform, bot constructing instruments, scripting engine, omni-channel inbox, conversational AI, client-side software program and extra.
The ubiquity of smartphones and dominance of messaging apps is forcing companies to go the place the customers are: of their favourite messaging apps. Identical to web sites in the course of the prior wave of technology-driven transformation, conversational experiences are enabling companies to raised interact, work together with and promote to their prospects. Conversations are the brand new digital storefront for companies – nearly each enterprise should construct it. This digital transformation has been additional accelerated by the pandemic.
“Prospects count on to converse with companies the best way they do with mates. They count on the dialog to be easy, straightforward, fast, contextual, and personalised” mentioned Sheth. “Gupshup’s mission is to construct the instruments that assist companies higher interact prospects by way of cell messaging and conversational experiences. As we work in the direction of our mission, we’re delighted with this funding from Tiger International, given its unimaginable monitor file of constructing massive, daring, profitable bets on modern, category-defining companies worldwide”.