Conversational AI platform has raised over $60 million in a mix of equity and debt financing from Globespan Capital Partners and EvolutionX Debt Capital.
The investment will support the company’s expansion across markets such as India, the Middle East, Latin America, and Africa, and fuel its go-to-market efforts.
“We’re at an inflection point where AI agents are transitioning from experimental technology to business-critical infrastructure, leading to extraordinary global demand for our solutions. Businesses recognise that conversational AI is driving enormous competitive advantages through superior customer experiences. This funding positions us to capture that global opportunity,” said Beerud Sheth, Founder and CEO, Gupshup, in a statement.
The Mumbai and San Francisco-based firm stated the funding will also be used to scale its conversational AI and messaging platform, which enables businesses to automate customer engagement across marketing, sales, and support functions.
Gupshup’s offerings, such as conversational AI agents, click-to-chat ads, AI campaign copilot, and agent assist, help enterprises deliver personalised customer experiences across channels including WhatsApp, SMS, RCS (rich communication services), voice, web, and mobile.
“Gupshup has turned the vision of conversational AI into an enterprise-scale reality. We’re proud to support their next phase of growth as they expand across emerging markets. With deep AI expertise, robust infrastructure, and relentless execution, Gupshup is redefining how businesses engage customers,” 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. As Meta’s Partner of the Year, they’re building the foundation for AI-powered messaging at scale,” he added.
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The investment comes months after Gupshup launched its ‘AI Agent Library’, including 15 pre-built and customisable AI agents with industry-specific capabilities.
The library of AI agents allows enterprises to improve customer experience, increase operational efficiency by reducing time-to-market, and drive revenue growth.
“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. We are excited to work with them and support them in this journey. With this investment, we continue our strategy of investing in category-leading growth stage companies in Asia,” said Rahul Shah, Partner at EvolutionX Debt Capital.
Founded in 2004 by Beerud Sheth, Gupshup is a conversational AI messaging platform that enables businesses to connect and engage with customers. It serves over 50,000 businesses including IDFC Bank, Flipkart, and Swiggy, across 130 countries, and processes more than 120 billion messages annually.
Last year, US-based asset manager Fidelity Investments slashed the fair value of its stake in the conversational messaging platform by more than half, bringing the company’s valuation down to around $500 million.
According to SEC filings, Fidelity Emerging Markets Equity Central Fund, which acquired a stake in Gupshup worth $1.02 million in August 2021, reduced the value of the stake to $365,893 as of June 2024.
In April 2021, Gupshup raised $100 million in Series F funding from Tiger Global Management, achieving unicorn status.
In the same year, the firm also secured an additional $240 million from investors including Fidelity Management and Research Company LLC, Tiger Global (through an additional investment), and Think Investments.
Edited by Swetha Kannan
