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Gupshup funding

 Gupshup is a conversational messaging tech startup and was co-founded by IIT-Bombay alumni Beerud Sheth. It has become the newest entrant in the Unicorn club post raising $100 million in funding from Tiger Global. 

The startup, with India as one of its leading markets, carried out its last funding round in 2011 and ended 2020 with an annual revenue rate of about $150 million. 

With Gupshup being the latest entrant in the unicorn club, the total unicorns in 2021 are now 10, with the country being short of just one-billion-dollar valuation from matching the number for 2020, which had 11 startups turning unicorn.

With only eight days into the month of April, the Indian startup ecosystem has seen the six new unicorns– Meesho , CRED , Pharmeasy , Groww , ShareChat , and Gupshup. 

Digit Insurance, InnovAccer, Infra.Market, and Five Star Finance are the other four startups that attained unicorn status in the preceding months of 2021. 

2021 might turn out to be the best year for the Indian startup ecosystem as the number of unicorns would probably cross last year’s figure.

According to Gupshup, the recent round of funding will be followed by a second close, with major additional funds raised from more investors. 

The startup stated that its API facilitates more than 100,000 businesses and developers to create messaging and conversational experiences delivering more than six billion messages every month across 30-plus messaging channels.

Gupshup plans to utilize the new investment to expand its product and go-to-market initiatives geographically. 

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Gupshup Co-founder and CEO Beerud Sheth commented on the funding saying, “Gupshup’s mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences. As we work towards our mission, we are delighted with this investment from Tiger Global, given its incredible track record of making big, bold, successful bets on innovative, category-defining companies worldwide.”

The startup states that it has been the leader in business messaging in the country, and has major brands across industries using its API for customer engagement across various channels, especially SMS. 

Speaking about the new development, John Curtius, Partner at Tiger Global Management, said, “Gupshup is uniquely positioned to win in this market with an advanced product, a differentiated strategy with substantial barriers, significant scale with growth, profitability with expanding margins, and an experienced team with a proven track record.”

The startup states that conversations are the new digital storefront for businesses – virtually every business will have to build it. “This digital transformation has been further accelerated by the pandemic,” it noted.

Commenting on the investment, Shishir Gupta, Founder and CEO of StartupLanes said, “Right customer engagement is key to the success of any business and Gupshup is enabling just that. The startup is not only profitable but has also attained unicorn status.”

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