Gupshup Technologies

Gupshup Secures $60M in Fresh Funding, Keeps Unicorn Status Under Wraps

July 22, 2025 - Business messaging platform Gupshup, founded in India over two decades ago and achieving unicorn status four years back, has raised more than $60 million in a new funding round but declined to disclose its latest valuation.

In 2021, the company closed two back-to-back funding rounds within four months, securing $340 million from high-profile investors such as Tiger Global, Fidelity Management, Think Investments, and Malabar Investments. Those rounds, Gupshup’s first in about a decade, pushed its valuation to $1.4 billion. However, Fidelity, which led the post-unicorn round, subsequently reduced its internal valuation of Gupshup at least three times between 2023 and 2024, cutting it down to $486 million.

The latest round comprises a mix of equity and debt financing from Globespan Capital Partners and EvolutionX Debt Capital. The San Francisco-based company said the funds will support expansion across high-growth regions, including India, the Middle East, Latin America, and Africa.

While Gupshup did not share the exact debt portion, founder and CEO Beerud Seth told TechCrunch the equity component makes up “a little more than half.”

Launched in 2004, Gupshup—a term derived from Indian slang for “conversations”—initially offered a platform for businesses to engage with customers via text messaging. The service gained traction when SMS was still paid, as users sought cost-effective ways to message friends and groups. As communication shifted toward WhatsApp and Rich Communication Services (RCS), Gupshup adapted with chatbot offerings. More recently, with the rise of AI, the company has begun enabling businesses to deploy AI agents.

“There’s a lot of demand coming from enterprises. Everybody needs to build these AI agents, which work through messaging like RCS and WhatsApp or through voice. So, building out these agents, there’s huge demand, and we need to support it,” Seth said.

Globally, AI agents have attracted significant investor interest, with major tech players such as Amazon, Google, and Microsoft also racing to enhance their platforms with such tools, intensifying competition in the space.

Despite this, Gupshup does not perceive the heightened competition as a threat. Seth highlighted the company’s extensive customer base—over 50,000 businesses across 100+ countries—and its history of product innovation through strategic acquisitions and R&D.

“Businesses cannot use simple foundation models off the shelf and just put them in front of customers. They need a lot of customization to be done, and that’s where Gupshup comes in. That’s what we provide,” he explained.

Since its last funding round in July 2021, Gupshup has “tripled” revenue and increased profitability, Seth noted. Yet, whether this translated into a higher valuation remains unclear, as the new round was not priced.

“As a founder, you focus on value, and the valuation will follow,” Seth said when asked if Gupshup still qualifies as a unicorn. “We operate ourselves like we are going to be a big company.”

In addition to geographical expansion, Gupshup plans to use the new capital to enhance its suite of products across industries such as automotive, banking, e-commerce, fintech, media, payments, retail, and travel. Its offerings include click-to-chat ads, an AI campaign copilot, agent assist tools, and a campaign manager. The company claims to power more than 120 billion messages annually for thousands of enterprises.

Looking ahead, an IPO is on Gupshup’s radar. Seth said the company is consulting advisors, lawyers, bankers, and accountants to chart its course.

While no firm timeline has been set, Seth indicated a potential public listing within 18 to 24 months. The company is also evaluating a possible listing on Indian stock exchanges, citing strategic advantages given India’s familiarity with WhatsApp and Gupshup’s ecosystem. However, the move could trigger tax implications due to Gupshup’s U.S. domicile, possibly requiring additional funding.

“The IPO is the one thing that we don’t control entirely. The calendar depends as much on external factors as it does on the company,” Seth noted.

Source: https://techcrunch.com/2025/07/22/gupshup-raises-60m-in-equity-and-debt-leaves-unicorn-status-hanging/