Gupshup raises $60 Mn from Globespan and EvolutionX

Conversational AI platform Gupshup has secured over $60 million in a fresh round of equity and debt funding from Globespan Capital Partners and EvolutionX Debt Capital. 

The fresh funding has come after a gap of four years for Gupshup which is reportedly targeting an initial public offering (IPO) in the next 18-24 months. The company is also exploring to shift its domicile from the US to India.

The proceeds will help the company accelerate its go-to-market strategy, scale its AI Agents, and deepen its presence in high-growth regions such as India, the Middle East, Latin America, and Africa.

Gupshup provides conversational engagement infrastructure to enterprises across marketing, sales, and customer support use cases. Its AI-powered tools enable brands to automate complex user interactions with personalized experiences delivered over messaging apps and voice. The platform powers over 120 billion messages annually across 130 countries for more than 50,000 clients.

Gupshup’s offerings include AI Agents, Campaign Manager, Click-to-Chat Ads, AI CoPilot, and Agent Assist.

Gupshup turned unicorn after raising $100 million from Tiger Global in April 2021. The firm also raised $240 million in the same year and took over Knowlarity, Active.Ai and Onedirect since then. 

During 2024, Gupshup also laid off 300 employees as part of efforts to streamline operations and drive profitable growth following a period of rapid expansion.

While Gupshup has yet to file its FY24 and FY25 financial statements, it reported a revenue of Rs 1,619 crore and a profit of Rs 49 crore in FY23. However, it is estimated to have closed FY24 with a revenue of $300 million (Rs 2,500 crore).

Its key Indian competitors in the conversational AI and CPaaS space include Freshchat (Freshworks), WATI, and Zoho SalesIQ.