KUALA LUMPUR, July 29 -- Gupshup has announced raising an additional US$240 million in follow-on funding from an industry-leading group of investors including Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, Neeraj Arora and others. (US$1 = RM4.226)
This funding round follows the US$100 million raise from Tiger Global in April, at a US$1.4 billion valuation.
Gupshup will use this investment to continue executing its vision and for secondary purchase of shares from current and former employees as well as prior investors, and further continue investing in product innovation for digital commerce enablement as well as expanding go-to-market initiatives in mobile-first economies worldwide.
The conversational messaging leader is also exploring M&A opportunities to expand its business opportunities. The company earlier announced an expansion in its executive team with leadership hires in 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 Gupshup co-founder and CEO, Beerud Sheth in a statement.
“We are transforming digital commerce around the world with conversational messaging. We look forward to partnering with our new investors given their incredible track record of backing category-creating companies. We are also gratified by the opportunity to provide partial liquidity and great returns to early investors and employees that put their faith in Gupshup.”
Gupshup's last funding round was in April, having raised US$340 million in 2021, and growing rapidly over the last few years, exiting 2020 with an annual revenue run rate of approximately US$150 million.
The company is present in India, LATAM, Southeast Asia, Middle East, Eastern Europe, Africa, and the United States.
For more information, visit www.gupshup.io.
-- BERNAMA
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