By Akanksha Rana
(Reuters) – Gupshup on Thursday stated it had raised $100 million from funding agency Tiger International Administration, valuing the messaging providers supplier at $1.4 billion.
The corporate, which had its final funding spherical a couple of decade in the past, stated it noticed higher investor demand than anticipated and would increase extra funds because it seems to scale up its present product portfolio.
“This funding permits us to scale our product and gross sales efforts that may make it a extra enticing firm to public market buyers,” Chief Government Officer Beerud Sheth stated, including that the funding “accelerates” the corporate’s means to go public.
The COVID-19 pandemic has compelled folks and firms to rely closely on messaging apps and enterprise conferencing instruments, with extra folks now utilizing social media to remain in contact with family and friends.
Gupshup, which has been rising solely based mostly on inside income, noticed a progress of over 80% in volumes from pre-pandemic ranges, Sheth stated. Gupshup’s annual income run price final 12 months was $150 million.
Based in 2004 and recognized for popularizing bulk textual content messaging, the Silicon Valley-based agency now affords a single messaging platform to firms, together with Cisco (NASDAQ:), Unilever (NYSE:) and Walmart (NYSE:)’s Flipkart, serving to them talk with their clients.
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