Conversational messaging platform Gupshup Wednesday announced that it has raised $240 million in follow-on funding from multiple investors including Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, and Harbor Spring Capital.
Certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, Neeraj Arora and others, too, joined the financing.
This funding round follows the $100-million raise from Tiger Global in April, at a $1.4 billion valuation.
Gupshup will use the funding proceeds for the secondary purchase of shares from current and former employees as well as prior investors. It will also invest in product innovation for digital commerce enablement as well as expanding go-to-market initiatives in mobile-first economies around the world, it said in a statement.
The company is also exploring M&A opportunities to expand its business. It had earlier announced an expansion in its executive team with leadership hires across corporate development, international business development, sales, customer success, marketing and IT.
“Conversations represent the new digital storefront for businesses – virtually every business will need to build them,” said Beerud Sheth, co-founder and CEO, Gupshup.
Founded in 2004 and known for popularising bulk text messaging, Gupshup enables better customer engagement through conversational messaging. The company claims that thousands of large and small businesses in emerging markets use its platform to build conversational experiences across marketing, sales and support.
Gupshup is present in India, LATAM, Southeast Asia, Middle East, Eastern Europe, Africa and the United States.