Messaging platform Gupshup on Wednesday said it has raised an additional USD 240 million (about Rs 1,784.4 crore) in follow-on funding from investors, including Fidelity Management and Research Company LLC and Tiger Global.
Think Investments, Malabar Investments, Harbor Spring Capital, certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, and Neeraj Arora, among others, also participated, according to a statement.
This funding round follows the USD 100-million fundraising from Tiger Global in April, at a USD 1.4 billion valuation, it added.
Gupshup will use this investment to continue executing its vision and for secondary purchase of shares from current and former employees as well as prior investors, it said.
'Gupshup continues to invest in product innovation for digital commerce enablement as well as expanding go-to-market initiatives in mobile-first economies around the world.
'Gupshup is also exploring M&A (merger and acquisition) opportunities to expand its business opportunities,' the statement said.
The company had earlier announced an expansion in its executive team with leadership hires in corporate development, international business development, sales, customer success, marketing, and information technology.
'Conversations represent the new digital storefront for businesses — virtually every business will need to build them. We are transforming digital commerce around the world with conversational messaging,' Gupshup co-founder and CEO Beerud Sheth said.
Gupshup has raised USD 340 million in 2021. Before that, it had raised USD 10 million in funding in 2011.
The company grew rapidly over the past few years, exiting 2020 with an annual revenue run rate of about USD 150 million.
'We see substantial growth in India's digital economy. Gupshup's platform is an essential tool for businesses building a digital footprint.
'We're excited to partner with Gupshup, given its market-leading position, innovation-led growth and attractive financial profile,' Shashin Shah, managing principal at Think Investments, said.