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Gupshup, a business messaging startup that began in India over two decades ago and became a unicorn four years ago, has recently raised a new $60 million funding round, but the new valuation remains a mystery. In 2021, Gupshup secured $340 million from investors like Tiger Global and Fidelity Management, valuing the startup at $1.4 billion. However, Fidelity later lowered its valuation multiple times, dropping it to as low as $486 million.
Expanding Presence in High-growth Markets
The new funding round, a mix of equity and debt financing from Globespan Capital Partners and EvolutionX Debt Capital, aims to help Gupshup expand in markets like India, the Middle East, Latin America, and Africa. The CEO, Beerud Sheth, mentioned that the equity portion is slightly more than half of the total financing.
From Text Messages to AI Agents
Initially focused on text messages, Gupshup has evolved into providing chatbot services through platforms like WhatsApp and RCS. As demand for AI agents grows, Gupshup enables businesses to deploy these agents for enhanced customer interactions. Despite increasing competition from tech giants, Gupshup remains confident in its large customer base and innovative product offerings.
