Messaging Unicorn Gupshup Raises \$60M+ to Fuel Global Expansion, Keeps Valuation Quiet
Gupshup, the enterprise messaging platform that quietly became a unicorn in 2021, has raised more than \$60 million in fresh funding but is keeping its latest valuation close to the chest.
The new round includes a mix of equity and debt, with investment from Globespan Capital Partners and EvolutionX Debt Capital. While the company declined to share the exact debt breakdown, founder and CEO Beerud Sheth told TechCrunch that equity makes up “a little more than half” of the total raise. The funds will support Gupshup’s growth in key international markets including India, the Middle East, Latin America, and Africa.
This marks Gupshup’s first significant capital raise since 2021, when it pulled in \$340 million across two rounds from heavyweights like Tiger Global, Fidelity, Think Investments, and Malabar. At the time, the company was valued at \$1.4 billion. But in the time since, Fidelity which led the follow-on round slashed its internal estimate of Gupshup’s worth multiple times between 2023 and 2024, bringing it down to as low as \$486 million.
Founded in 2004, Gupshup started as a simple SMS-based communication tool its name comes from the Hindi word for “chitchat” aimed at helping businesses reach customers via text. It gained early traction in India, where texting wasn’t free, by offering ways for users to message groups and friends.
As consumer communication evolved from SMS to platforms like WhatsApp and RCS (Rich Communication Services), Gupshup pivoted too, building tools and chatbots for those emerging ecosystems. Today, it’s riding the next wave: artificial intelligence.
“There’s a lot of demand coming from enterprises. Everybody wants to build these AI agents smart assistants that can communicate via messaging platforms or voice,” Sheth said. “There’s huge demand, and we need to scale to meet it.”
AI agents are seeing a global surge in interest. From startups to giants like Amazon, Google, and Microsoft, the race is on to build and deploy AI-powered assistants that can handle tasks, conversations, and customer engagement across multiple channels. With this fresh funding, Gupshup is betting that its early-mover advantage and deep messaging infrastructure can help it compete in this rapidly evolving space.
In a market buzzing with new entrants and AI hype, Gupshup isn’t flinching. The business messaging platform, which now serves over 50,000 customers in more than 100 countries, sees its years of experience and a proven track record as its real moat.
Founder and CEO Beerud Sheth is confident in what sets Gupshup apart: “Businesses can’t just plug in generic AI models and expect magic,” he said. “They need deep customization, integrations, and context that’s what we’ve been building for years. That’s where Gupshup comes in.”
Since its last funding round in July 2021, Gupshup has quietly tripled its revenue and significantly improved profitability, according to Sheth. While the company isn’t disclosing its current valuation and the latest round wasn’t priced Sheth isn’t too concerned about the label.
“As a founder, you focus on creating value. The valuation will follow,” he said. “We run this company like we’re going to be big unicorn or not.”
With its recent funding over $60 million in equity and debt the startup plans to double down on product innovation and market expansion. Gupshup’s messaging tools are already used by businesses across industries: banking, e-commerce, fintech, automotive, media, retail, and more. Its growing product suite includes click-to-chat ads, an AI campaign copilot, agent assist tools, and campaign managers, all designed to help brands connect meaningfully with customers at scale.
In total, Gupshup powers over 120 billion messages annually for its enterprise clients.
Looking ahead, the startup is eyeing the public markets. An IPO is on the horizon potentially within the next 18 to 24 months though no firm timeline has been set. The team is currently exploring whether a listing on Indian stock exchanges might be the right move.
“India is a core market for us, and it makes a lot of sense,” said Sheth. “WhatsApp dominates communication there, and local investors really understand what we do. It’s easier to tell our story.”
But a possible shift from U.S. incorporation to India often referred to as a “flip” would come with tax implications and may require additional capital to execute.
Still, for a company that’s evolved from SMS roots to AI-powered messaging agents, Gupshup seems comfortable playing the long game.
“We’ve been doing this for two decades,” Sheth said. “We’ve seen messaging evolve, and now we’re building the future of business conversations. The excitement is just getting started.”
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