Private Equity Fund Investments
Messaging platform Gupshup raises $240-M from Tiger Global, Fidelity, others
BSE Disclosure Business Standard
Mumbai-based conversational messaging unicorn Gupshup has raised USD 240 million from Tiger Global and Fidelity in a secondary transaction ahead of a potential initial public offering (IPO) in the US next year. Other investors in the round include Think Investments, Malabar Investments, Harbor Spring Capital, accounts managed by Neuberger Berman Investment Advisers, White Oak and Neeraj Arora. More than 100 employees of Gupshup managed to sell shares to public market investors in this round, which follows the USD 100-million primary fundraise in April. The funds from this round will be used for a share buyback from employees and early investors. Gupshup will use its existing funds to explore acquisition opportunities to fill existing product gaps in its portfolio, and help it expand into adjacent spaces. The company provides AI-powered voice bots on messaging apps, allowing customers to transact on these platforms using them. It enables over six million messages a month. It is present in India, South America, Southeast Asia, Middle East, Eastern Europe, Africa and the United States.
From the Venture Intelligence PE-VC Deal Database: Between Jul-09 and Apr-21, Gupshup had raised more than INR 1,000 crore from New Horizons, Tenaya Capital, Globespan Capital Partners, Charles River Ventures, Helion Ventures and Tiger Global.
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