San Francisco-headquartered conversational messaging platform Gupshup has raised $100 million in its Series F funding from Tiger Global Management, pushing the company's valuation to $1.4 billion. The startup, which began its journey in India 15 years ago, on Thursday said it has attained unicorn status and is also profitable.
Gupshup's messaging platform is used by more than 1,00,000 businesses and developers to build their own messaging and conversational experiences to serve their users. As per Gupshup, its clients send more than 6 billion messages each month.
Gupshup has raised $150 million so far. The company had concluded its Series E financing round in 2011. In its first financing round in 2011, it had raised Rs 50 crore at a valuation of Rs 1,000 crore. CRV, Helion Ventures and Globespan Capital Partners are among Gupshup's investors. It reported an annual revenue run rate of $150 million in 2020.
The startup will use the fresh capital to broaden its product offering and gather more clients in even more markets.
"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," Beerud Sheth, co-founder and chief executive of Gupshup, said.
In a statement, John Curtius, a partner at Tiger Global Management, said, "The growth in business use of messaging and conversational experiences, transforming virtually every customer touchpoint, is an exciting secular trend."
"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," Curtius added.