Messaging platform Gupshup joins unicorn club after $100 mln funding

From Akanksha Rana
April 8 (Reuters) - Gupshup announced Thursday that it had raised $ 100 million from investment firm Tiger Global Management, which valued the messaging service provider at $ 1.4 billion.
The company, which had its final round of funding about a decade ago, said it had seen greater investor demand than expected and would raise additional funds to expand its existing product portfolio.
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"This funding allows us to scale our product and sales efforts to make it more attractive to investors in the public market," said Chairman Beerud Sheth, adding that the funding enhances the company's ability to go public , "accelerated".
The COVID-19 pandemic has forced people and businesses to rely heavily on messaging apps and tools for business conferencing. More and more people are using social media to keep in touch with friends and family.
Gupshup, which grew solely on internal profits, saw over 80% volume growth from pre-pandemic levels, Sheth said. Gupshup's annual revenue rate was $ 150 million last year.
Founded in 2004 and based in Silicon Valley, known for mass text messaging, companies like Cisco, Unilever, and Walmarts Flipkart now have a single messaging platform to communicate with their customers. (Reporting by Akanksha Rana in Bengaluru; editing by Vinay Dwivedi)
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