Messaging platform Gupshup enters unicorn club with $100m funding

A woman holds an iPhone in her hands. Photo: Priscilla Du Preez

Gupshup on Thursday said it had raised $100 million from investment firm Tiger Global Management, valuing the messaging services provider at $1.4 billion.

The company, which had its last funding round about a decade ago, said it saw greater investor demand than anticipated and would raise additional funds as it looks to scale up its existing product portfolio.

“This funding allows us to scale our product and sales efforts that will make it a more attractive company to public market investors,” Chief Executive Officer Beerud Sheth said, adding that the funding “accelerates” the company’s ability to go public.

The COVID-19 pandemic has forced people and companies to rely heavily on messaging apps and business conferencing tools, with more people now using social media to stay in touch with friends and family.

Gupshup, which has been growing solely based on internal profits, saw a growth of over 80% in volumes from pre-pandemic levels, Sheth said. Gupshup’s annual revenue run rate last year was $150 million.

Founded in 2004 and known for popularizing bulk text messaging, the Silicon Valley-based firm now offers a single messaging platform to companies, including Cisco, Unilever and Walmart’s Flipkart, helping them communicate with their customers.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.