Enterprise messaging platform Gupshup said on July 28 that it has raised $240 million from Fidelity, Tiger Global and others, just a few months after it raised $100 million from Tiger at a $1.4 billion valuation.
Think Investments, Malabar Investments, Harbor Spring Capital, Neuberger Berman, White Oak and angel Neeraj Arora were other investors in the round. It did not specify its valuation in this round
The round will have some early employees, as well as investors, selling their stakes to the company and other investors. Gupshup is a messaging platform that helps businesses and customers interact with ease using mediums such as SMS, and WhatsApp. The company has developed an application programming interface (API) that enables banks or an airline to inform and interact with customers through SMS or WhatsApp. The company generates revenue on a per-message basis from the enterprises.
With a revenue run rate of over $150 million, over 80% of its revenue comes from India, followed by the US and Latin America.
Co-founder and CEO Beerud Sheth had told Moneycontrol in an April interview that the funding will help build products and also expand its sales and marketing- building local customer support in various regions.
Gupshup is currently looking at expanding to emerging markets such as Latin American countries like Brazil, whose growth mirrors India. Sheth said that the US and Europe too have growth opportunities that Gubshup wants to tap into.“We have followed Gupshup’s progress for a long while and believe that they are the most evolved customer communications platform In India and increasingly in other emerging markets, with a leadership position in the most attractive and fastest growing sub-segments of the market,” said Sumeet Nagar, Managing Director, Malabar Investments.