AI-driven B2B messaging platform Gupshup has raised over $60 million in an equity-cum-debt funding round from Globespan Capital Partners and EvolutionX Debt Capital.
The proceeds will be used by the company to grow its AI and messaging platform and speed up sales and expansion in key markets such as the Middle East, Latin America, and Africa, besides India, it said in a statement.
Founded in 2004 and known for popularising bulk text messaging, Gupshup enables better customer engagement through conversational messaging. A large number of businesses in emerging markets use its platform to build conversational experiences across marketing, sales, and support. It claims to cater to over 50,000 customers in more than 130 countries.
“Gupshup has turned the vision of conversational AI into an enterprise-scale reality …,” said Andy Goldfarb, Co-Founder and Managing Partner, Globespan Capital Partners. “From India to UAE, Saudi Arabia, and Brazil, Gupshup’s Conversation Cloud and AI agents are transforming customer and employee interactions.”
Gupshup’s platform reportedly powers over 120 billion messages annually for thousands of enterprises.
“Gupshup has been the market leader at every stage of industry evolution from basic messaging to conversational AI across text and voice, which has led to consistent revenue growth and margin expansion,” said Rahul Shah, Partner at EvolutionX Debt Capital.
Gupshup, which entered the coveted unicorn list in 2021, last raised $240 million in 2021. The same year, it had raised $100 million from Tiger Global.
“We’re at an inflection point where AI Agents are transitioning from experimental technology to business-critical infrastructure,” said Beerud Sheth, Founder and CEO, Gupshup, adding that businesses now recognise that conversational AI is driving enormous competitive advantages through superior customer experiences.
“This funding positions us to capture that global opportunity,” he added.
The company’s platform enables businesses to automate complex customer interactions while maintaining personalised, human-like conversations.
Through solutions like conversational AI agents, click-to-chat ads, AI campaign copilot, agent assist, personalise, and campaign manager, businesses can handle everything from product discovery and purchasing to customer support and retention.
