Messaging platform Gupshup on Thursday said it has raised USD 100 million (about Rs 746.6 crore) in funding from Tiger Global Management, valuing the company at USD 1.4 billion.
This funding will be followed by a second close with significant additional funds raised from more investors, Gupshup said in a statement.
This latest round follows years of profitable growth, product innovation, and customer adoption, it added.
The company has raised USD 150 million in funding to date from investors like Helion Venture Partners and Globespan Capital among others. Its last fundraising was in 2011 when the company had received USD 10 million. Since then, the company has grown rapidly, exiting 2020 with an annual revenue run rate of about USD 150 million.
"Gupshup 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," it said.
The company offers a comprehensive suite of solutions including messaging APIs, bot platform, bot building tools, scripting engine, omnichannel inbox, conversational AI, and client-side software. Its API enables over one lakh developers and businesses to build messaging and conversational experiences delivering over 6 billion messages per month across over 30 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," John Curtius, Partner at Tiger Global Management, said.
Gupshup co-founder and Chief Executive Officer Beerud Sheth said customers expect to converse with businesses to be simple, easy, quick, contextual, and personalised.
"Gupshup's mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences. 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," he added.