San Francisco-based conversational messaging platform Gupshup announced Thursday that it raised $100 million in fresh financing by way of Tiger Global Management. The new investment brings the newly minted unicorn’s valuation to $1.4 billion.
The latest round will be followed by a second close with additional funds to be announced at a later date. The company has witnessed outstanding amounts of growth over the last year. Gupshup wrapped up 2020 with an annual revenue run rate of $150 million, according to the company.
“Customers expect to converse with businesses the way they do with friends. They expect the conversation to be simple, easy, quick, contextual, and personalized,” Beerud Sheth, co-founder and CEO of Gupshup, said in a statement.
Gupshup’s API is used by marketing, sales and support teams to better engage with customers via multi-channel messaging. The company will use the investment to rapidly scale its product and go-to-market initiatives worldwide.
“Our vision is a future where it’s as easy for a customer to chat with a business as it as with a friend. These conversations will be simple, easy, quick, smart, contextual and personalized,” Sheth continued. “Consumers get the responses they want, when they want it without waiting or digging around. Businesses can deliver more effective marketing, sales and support driving higher revenues and greater customer satisfaction.”
IP, or internet protocol messaging channels include platforms like WhatsApp and RCS. IPs work just like SMS, or mobile-based text messaging, except IP isn’t limited to cell service in one country, so it can be scaled globally. Gupshup enables businesses big and small to leverage IP messaging in order to build conversational experiences for their customers.
“Messaging apps have more usage than social media or the web and therefore will become the most important engagement medium for businesses,” Sheth continued. “Basic SMS is great — it’s truly ubiquitous and effective. But there’s so much more yet to be invented. It can be so much better.”
The AI-enabled platform also includes bot building tools, a scripting engine, an omni-channel inbox, client-side software and more.
Gupshup has raised $144.1 million in venture capital financing to date, according to Crunchbase.
