The business messaging platform Gupshap, which began its journey in India 15 years ago, surprised many when it raised 100 100 million in April this year, almost 10 years after its last financial round. Now just three months later, the San Francisco-led startup has raised more capital from high-profile investors.
On Wednesday, Gupshap said it raised 24 240 million as part of the same Series F financing round. The new investment was led by Fidelity Management, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, Newberger Burman Investment Advisors and some accounts held by White Oak.
Neeraj Arora, a former high-profile executive at WhatsApp who previously played a role in helping sell the messaging platform Facebook, also wrote a significant check to Gupshap in the new investment office, raising the startup’s value to 1. billion billion dollars continues. In April.
In an interview with TechCrunch earlier this week, Gupshap co-founder and chief executive, Birud Sethe, said he had stepped up the financing round after receiving a lot of insider requests from investors. New investors will provide the startup with critical insights and skills, he said. The round is now closed, he said.
The startup, which operates a communications messaging platform that more than 100,000 businesses and developers use today for their own messaging and communications experience to serve their users and customers, will consider exploring public markets by next year, Seth said. He warned that a final decision was yet to be made.
“Communication is becoming a big part of doing business and it has been driven partly driven by the epidemic,” he said on a phone call.
He said the new investment includes some secondary transactions (some start-up investors and employees are selling their claims), Gupsap’s product will be deployed to expand the ing fur, he said. The startup is also looking at some M&A opportunities and some deals could close this year, he added.
Before gossip became so popular in businesses, it is in a different incarnation. For the first six years of its existence, Gupshap was known in India for enabling users to send group messages to friends. (These cheap texts and other clever techniques enabled millions of Indians to keep in touch with each other over the phone decades ago.)
That model eventually became impossible to continue, Seth told TechCrunch in an earlier interview.
“In order to work for the service, Gupshaup was subsidizing messages. We were paying the price to the mobile operators. The idea was that once we scaled, we would place ads in those messages. Long story short, we thought that as the amount of messages increased, tors parters would lower their prices, but they didn’t. And the director also said that we cannot place advertisements in messages, ”he said earlier this year.
That’s when he decided to make Gupshap the main one. “We were not able to subsidize messages, nor monetize our user base. But we have all these advanced technology for high performance messaging. So we switched from the consumer model to the enterprise model. So we started serving banks, e-commerce companies and airlines Reliance, which need to send high quality messages and can afford to pay, ”said Sethe, who was also the co-founder of Freelance Workplace Alliance in 1998.
Over the years, Gupshap has expanded into new messaging channels, including chat bots, and it also helps businesses set up and run their WhatsApp channels to connect with customers.
Seth said many large companies around the world are involved in gossip customers in banking, e-commerce, travel and hospitality and other sectors. These companies are using Guptup to send transaction information and authentication codes to their customers, in other cases of use. “These are not advertising or promotional messages. This is key service information,” he said.
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