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- GupShup
GupShup Revenue, Valuation, Funding & Investors
GupShup is valued at $1.4B as of May 2022.
Last GupShup valuation
$1.4B
Series F · May 2022
Last GupShup funding round
$60M
Undisclosed stage · Jul 2025
GupShup revenue
$150M
Series F · Jul 2021
Key investors in GupShup
Tiger Global
Fidelity
Neuberger Berman
Think Investments
Globespan Capital Partners
Neeraj Arora
About GupShup
Gupshup is a Mumbai-headquartered conversational messaging platform powering over six billion messages monthly across 30-plus channels including WhatsApp and SMS. Thousands of businesses in emerging markets such as India and Africa rely on it for marketing, sales, and support experiences. Its carrier-grade API and no-code tools connect with partnerships among operators, device manufacturers, and ISVs.
Founded
2004
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$150M (Jul 2021)
Valuation
$1.4B (May 2022)
GupShup Valuation
GupShup is currently valued at $1.4B, based on its Series F in May 2022.
The $100M round was led by Tiger Global.
GupShup's valuation has moved from $1.4B at its Series F in April 2021 to $1.4B in May 2022, across 3 priced rounds.
GupShup valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2022 | Series F | $1.4B | - |
| Jul 2021 | Series F | $1.4B | 9.3x |
| Apr 2021 | Series F | $1.4B | 14.0x |
GupShup Revenue
GupShup's latest recorded revenue is $150M, as of its Series F in July 2021. At a $1.4B valuation, that implies a 9.3x revenue multiple.
Revenue grew from $100M in April 2021 to $150M in July 2021, while the revenue multiple moved from 14.0x to 9.3x.
GupShup revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2021 | $150M | $1.4B | 9.3x | Series F |
| Apr 2021 | $100M | $1.4B | 14.0x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
GupShup Funding History
GupShup has raised a total of $500M across 4 funding rounds.
GupShup's first fundraising round was a $100M Series F in April 2021. The most recent completed round was a $60M undisclosed-stage round in July 2025.
GupShup funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Undisclosed stage | Globespan Capital Partners (lead) | $60M | - | Gupshup, a San Francisco-headquartered conversational AI and business messaging platform founded by Beerud Seth, raised over $60 million in a mixed equity and debt funding round on July 23, 2025, led by Globespan Capital Partners with participation from EvolutionX Debt Capital. The equity portion exceeds half of the total, though exact splits and post-money valuation were not disclosed. Funds are earmarked for global expansion into India, the Middle East, Latin America, and Africa, enhancing sales, product innovation, and AI agent capabilities, with an IPO eyed in 18-24 months. The platform powers over 120 billion messages annually for thousands of enterprises, positioning Gupshup as a leader in AI-powered customer engagement via messaging channels. It has evolved from a messaging API and bot provider since 2004 into an enterprise-scale solution for conversational AI, leveraging partnerships like Meta's Partner of the Year status. CEO Beerud Seth highlighted its readiness for AI agents built on messaging infrastructure amid surging demand. Previously a unicorn valued at $1.4 billion in 2021 after raises from Tiger Global ($100M) and Fidelity-led ($240M mostly secondary), Gupshup saw its internal valuation cut by Fidelity to $697 million in 2023 and as low as $486 million by 2024. This round supports renewed growth, with claims of tripled revenue and improved profitability since 2021, though specific figures remain undisclosed. Globespan, a growth-stage VC backing firms like Palo Alto Networks, emphasized Gupshup's AI expertise and execution. |
| May 2022 | Series F | Tiger Global (lead) | $100M | $1.4B | Gupshup is a San Francisco-headquartered conversational messaging platform founded in 2004 in India, providing tools for businesses to automate, personalize, and scale customer communications across channels like mobile messaging, with a focus on AI-driven experiences. It pivoted from consumer group messaging to enterprise solutions, serving industries such as automotive, banking, e-commerce, fintech, media, payments, retail, and travel, with products including click-to-chat ads, AI campaign copilot, agent assist, and campaign manager. Competitors include Twilio, Yellow.ai, and Haptik. On April 8, 2021, Gupshup raised $100 million in a Series F round led by Tiger Global Management, achieving unicorn status with a post-money valuation of $1.4 billion. The funds were allocated to expand conversational AI capabilities, accelerate product innovation, grow sales and marketing teams, boost R&D in areas like AI-powered message visualization and messaging APIs, and strengthen global presence. This marked the first part of its Series F, following a Series E round a decade earlier, with the company already profitable at the time. In July 2021, Gupshup followed up with a $240 million Series F extension, largely secondary and led by Fidelity Management with participation from Tiger Global, Think Investments, Malabar Investments, and others, providing exits to employees and early investors, maintaining the $1.4 billion valuation. Cumulative funding reached around $544 million across multiple rounds by 2025, with key prior investors including ADS Ventures and Fidelity Investments. Later developments included a $60 million equity and debt round in July 2025 from Globespan Capital Partners and EvolutionX Debt Capital to expand AI messaging in high-growth regions like India, the Middle East, South America, and Africa, though not priced and following Fidelity's valuation cuts to as low as $486-500 million by 2024. Gupshup reported tripling revenue since 2021 and growing profitability by 2025, operating toward big-company scale without confirming unicorn retention. |
| Jul 2021 | Series F | Think Investments; Malabar Investment Advisors; Fidelity; Neeraj Arora; Harbor Spring Capital; Neuberger Berman; White Oak Global Advisors; Tiger Global | $240M | $1.4B | Gupshup is a San Francisco-headquartered AI-powered conversational messaging platform that enables businesses to engage customers via messaging apps for marketing, commerce, and support workflows, allowing users to discover products, make payments, track deliveries, and receive support in natural conversations. The platform supports over 30 messaging channels and powers more than six billion messages per month. Founded 15 years ago with roots in India, it focuses on mobile-first economies and has expanded globally with innovations in conversational AI, multi-step APIs for KYC and loan processing, and solutions for restaurant digitization, out-of-home advertising, and bill payments. In July 2021, Gupshup raised an additional $240 million in a follow-on to its April 2021 Series F round (initially $100 million led by Tiger Global), bringing the year's total to $340 million at a $1.4 billion valuation. Investors in this extension included Fidelity Management, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, accounts managed by Neuberger Berman Investment Advisers, White Oak, and Neeraj Arora (former WhatsApp executive). The funding featured secondary share buybacks for early investors and employees, alongside plans for product development, global go-to-market expansion, hiring (doubling staff), and M&A opportunities. At the time, Gupshup reported exiting 2020 with an annual revenue run rate of approximately $150 million, reflecting rapid growth driven by pandemic-accelerated conversational commerce trends and product innovations over the prior 2-3 years. The company positioned itself as a leader in business messaging, transforming digital storefronts into chat-based interactions. Investors highlighted its market-leading position, innovation-led growth, and attractive financial profile in India's digital economy and emerging markets. Post-funding, Gupshup aimed to accelerate its vision of conversational messaging as essential for businesses worldwide, with potential IPO considerations noted in some coverage. |
| Apr 2021 | Series F | Tiger Global (lead) | $100M | $1.4B | Gupshup is a San Francisco-headquartered conversational messaging and AI platform that enables developers and businesses to build messaging and conversational experiences across 30+ channels, powering over 6 billion messages monthly as of April 2021. Founded in India 15 years prior, it focuses on automating, personalizing, and scaling customer communications for medium to large enterprises. On April 8, 2021, Gupshup raised $100 million in a Series F funding round led by Tiger Global Management, achieving unicorn status with a post-money valuation of $1.4 billion. The funds were earmarked to accelerate product innovation, expand conversational AI capabilities, and strengthen global go-to-market initiatives amid years of profitable growth and leadership in the sector. Around the time of the round, Gupshup's annual revenue stood near $100 million, as stated by CEO Beerud Sheth, with the company maintaining profitability while scaling operations. This followed rapid customer adoption, including over 100,000 developers and businesses using its API. The Tiger-led round was later extended in 2021 with an additional $240 million from investors including Fidelity, Tiger Global again, Think Investments, Malabar Investments, and others, partly for employee and investor share buybacks while supporting business growth. Subsequent rounds in 2025 raised $60 million in equity and debt, though valuations were marked down by investors like Fidelity to around $500-700 million by 2024. |
Who has invested in GupShup?
9 investors have backed GupShup across its funding rounds, including Tiger Global, Fidelity, Neuberger Berman, Think Investments, Globespan Capital Partners and Neeraj Arora.
Lead investors include Globespan Capital Partners and Tiger Global.
GupShup Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Apr 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Jul 2021 | ||
This data is available for Pro users. Sign up to see all 9 GupShup investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by GupShup
GupShup has acquired 5 companies to date.
Last acquisition by GupShup was on June 2nd 2022. GupShup acquired OneDirect for undisclosed valuation.
Latest Acquisitions by GupShup
| Description | OneDirect is a Bengaluru-based customer experience management platform providing omnichannel solutions for Indian enterprises. Its suite includes chatbots, voice AI, and analytics tools deployed by clients such as HDFC Bank and Airtel. Founded in 2015, OneDirect handles millions of interactions monthly, specializing in contact center automation and sentiment analysis for telecom, banking, and e-commerce sectors. | AskSid Technology Solutions is a Mumbai-based conversational AI provider for retail and consumer goods sectors. Its platform accelerates shopper conversions, enriches product knowledge bases from customer queries, and extracts marketing insights from one-to-one conversations. | Active.ai is a conversational AI platform designed for banking, insurance, and capital markets. Headquartered in Bangalore with U.S. offices, the firm deploys Triniti, its NLP-powered engine, across messaging apps, voice assistants, and IoT devices for personalized customer interactions like account queries and claims processing. | Knowlarity Communications is an India-headquartered cloud telephony provider offering virtual numbers, IVR systems, toll-free services, and call tracking. Its SuperReceptionist handles inbound calls with multi-level menus, while CloudAgent supports outbound campaigns. The company integrates WhatsApp Business API, speech analytics, and voicebots for enterprises. Knowlarity serves over 12,000 businesses across Asia, including ICICI Bank and Flipkart. | |
| HQ Country | |||||
| HQ City | Bangalore | Bangalore | Singapore | Gurgaon | |
| Deal Date | 2 Jun 2022 | 20 Apr 2022 | 5 Apr 2022 | 2 Feb 2022 | |
| Valuation | undisclosed | undisclosed | $1B | $100M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all GupShup acquisitions and their M&A valuation multiples. Start Free Trial | |||||
GupShup Competitors
GupShup competitors include listed companies like SoundHound and Sprout Social, and private ones like Infobip, Iterable, Dialpad and Nextiva.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | $200M | - | $2B | 10.0x | ||
| Private | $125M | - | $2.3B | 18.0x | ||
| Publicly listed | $169M | $19M | $2.7B | 11.3x | ||
| Private | $250M | - | $2.7B | 10.8x | ||
| Publicly listed | $458M | ($31M) | $656M | 1.2x |
GupShup Public Comps
GupShup is still privately-owned, but its public comps include Sprinklr, Teamviewer, Bandwidth, Weaver Network, ZoomInfo, Deluxe, Sansan, Marketingforce Management, Appier Group and Rezolve AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $857M | $66M | 1.0x | 1.0x | 13.6x | 5.5x | |||
| $860M | $310M | 2.5x | 2.5x | 7.0x | 5.9x | |||
| $754M | $39M | 2.7x | 2.3x | 51.2x | 17.3x | |||
| $341M | $43M | 4.4x | 4.2x | 34.6x | 28.3x | |||
| $1.2B | $326M | 2.0x | 2.1x | 7.8x | 5.1x | |||
| $2.1B | $379M | 1.2x | 1.2x | 6.7x | 5.6x | |||
| $346M | $67M | 4.3x | 4.2x | 22.3x | 21.9x | |||
| $420M | $22M | 3.8x | 2.7x | 73.4x | 24.4x | |||
This data is available for Pro users. Sign up to see all GupShup competitors and their valuation data. Start Free Trial | ||||||||
Common questions about GupShup
| When was GupShup founded? | GupShup was founded in 2004. |
| Where is GupShup headquartered? | GupShup is headquartered in San Francisco, CA, United States. |
| Is GupShup publicly listed? | No, GupShup is a private, VC-backed company. |
| What is GupShup's valuation? | GupShup was last valued at $1.4B in its Series F in May 2022. |
| How much funding has GupShup raised? | GupShup has raised $500M across 4 funding rounds. |
| What was GupShup's last funding round? | GupShup's last funding round was a $60M undisclosed-stage round in July 2025, led by Globespan Capital Partners. |
| Who are GupShup's investors? | GupShup's investors include Tiger Global, Think Investments, Malabar Investment Advisors, Fidelity, Neeraj Arora, Harbor Spring Capital, Neuberger Berman, White Oak Global Advisors and Globespan Capital Partners. |
| What is GupShup's revenue? | GupShup's latest recorded revenue is $150M (July 2021). |
| What is GupShup's revenue multiple? | GupShup's latest valuation implies a 9.3x revenue multiple ($1.4B valuation on $150M of revenue). |
| Which companies are comparable to GupShup? | Companies comparable to GupShup include Infobip, Iterable, Dialpad, SoundHound, Nextiva and Sprout Social. |
| How many companies has GupShup acquired? | GupShup has acquired 5 companies, including OneDirect, AskSid Technology Solutions, Active.ai, Knowlarity Communications and DOTGO. |
| What was the largest acquisition by GupShup? | The $1B acquisition of Active.ai in April 2022 is the largest acquisition GupShup has made to date. |
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