Conversational messaging platform Gupshup has acquired Active.Ai, a financial services-focused conversational artificial intelligence platform, for an undisclosed amount, marking its third acquisition in the past six months.
This purchase will enable Gupshup to strengthen its customer experience solutions for the banking, financial services and insurance (BFSI) sector.
Founded by Parikshit Paspulati, Ravi Shankar and Shankar Narayanan, Active.Ai offers a Conversational Banking as a Service (CBaaS) platform for its customers across 43 countries.
The company claims that it has enabled more than 300 user interactions via voice, video and messaging, managed over 30 million service requests and answered more than 50 million enquiries with 95 percent accuracy. It also has tie-ups with Amazon Web Services (AWS), Microsoft, Infosys (Finacle), TCS, Finastra, EY, PwC and Accenture.
"Active.Ai's robust CBaaS platform adds more vertical depth to our product stack, giving customers the tools to create intelligent, frictionless micro conversations with consumers using voice, video and messaging channels,” said Gupshup co-founder Beerud Sheth.
“We are excited to partner with Gupshup to help shape the future of conversational engagement in the financial services space,” said Active.Ai CEO Ravi Shankar.
Active.Ai's clients include Axis Bank, Kotak Mahindra Bank, Tata Capital, IndusInd Bank and HDFC Securities in India, Royal Credit Union and CommFirst Federal Credit Union in the United States, NTUC Income, NIUM and Tonik Bank in South East Asia and Abu Dhabi Commercial Bank PJSC (ADCB), Qatar Islamic Bank and Burgan Bank in the Middle East.
The Singapore-headquartered startup counts InnoCells, Kalaari Capital, Vertex Ventures, Chiratae Ventures, CreditEase, and Dream Incubator among its investors.
“Active.Ai’s technology platform is enabling financial institutions around the globe to effectively engage their customers using AI. The merger with Gupshup is a logical next step in their evolution. Together, they can bring advanced omnichannel engagement across messaging, voice and video to enterprise customers,” said Ben Mathias, managing partner, Vertex Ventures.
“Active.Ai’s technology platform is enabling financial institutions around the globe to effectively engage their customers using AI. The merger with Gupshup is a logical next step in their evolution. Together, they can bring advanced omnichannel engagement across messaging, voice and video to enterprise customers,” said Ben Mathias, managing partner, Vertex Ventures.
This is Gupshup's third acquisition in the past six months after purchasing cloud communications firm Knowlarity Communications in February 2022 and a rich communications services (RCS) business messaging platform Dotgo in September 2021.
The company has raised around $340 million at a valuation of $1.4 billion across two financing rounds from investors such as Fidelity, Tiger Global and others in 2021. It currently has a presence in India, Latin America, Eastern Europe, Southeast Asia, the Middle East and the United States.
As of July 2021, Gupshup had a revenue run rate of about $150 million, of which over 80% of its revenue comes from India, followed by the United States and Latin America.
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