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Gupshup, a messaging-focused buyer engagement platform, at the moment introduced it has raised $100 million in funding from Tiger Global Management, valuing the startup at $1.4 billion. Gupshup says the funds will probably be put towards its go-to-market, product, and buyer acquisition efforts.
The ubiquity of smartphones and messaging apps — in addition to the pandemic — have contributed to the elevated adoption of conversational applied sciences. Fifty-six % of enterprise respondents in an Accenture survey stated conversational bots and different experiences are driving disruption of their trade. And a Twilio research confirmed that 9 out of 10 customers would really like the choice to make use of messaging to contact a enterprise.
Gupshup, which was based in 2014, presents a chatbot authoring service that enables builders to create, deploy, and publish chatbots throughout over 30 channels. The firm claims to ship greater than 6 billion advertising and marketing, gross sales, and assist messages monthly between over 100,000 companies and prospects through Facebook Messenger, Telegram, Skype, Slack, and extra.
India is considered one of Gupshup’s largest markets. According to cofounder and CEO Beerud Seth, in recent times, enterprise messaging has turn out to be extra widespread within the nation as textual content messages have begun to incorporate hyperlinks and leverage newer IP-based messaging channels like WhatsApp, wealthy communications companies, and Gupshup’s personal Gupshup IP (GIP).
Gupshup pitches GIP as a “smarter,” “more conversational” messaging service that’s suitable with a variety of cellular gadgets. It is available in two flavors — GIP Native (which embeds in native messaging apps) and GIP Widget (a device-agnostic chat widget) — and options end-to-end encrypted messages with buttons and wealthy media like ecommerce flows, mini video games, and playing cards.
“Customers expect to converse with businesses the way they do with friends. They expect the conversation to be simple, easy, quick, contextual, and personalized,” Sheth stated in a press launch. “Gupshup’s mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences.”
Gupshup occupies a chatbot market that’s anticipated to be price $142 billion by 2024, in response to Insider Intelligence, up from $2 billion in 2019. Gartner predicts that over 50% of enterprises will spend extra every year on chatbot creation than on cellular app improvement by this yr. And Juniper Research expects that 75% to 90% of buyer queries will probably be dealt with by chatbots throughout the subsequent yr.
Even earlier than the pandemic, autonomous brokers have been on the best way to turning into the rule moderately than the exception, partly as a result of customers want it that manner. According to analysis printed final yr by Vonage subsidiary NewVoiceMedia, 25% of individuals want to have their queries dealt with by a chatbot or different self-service different. And Salesforce says roughly 69% of customers select chatbots for fast communication with manufacturers.
Perhaps reflecting the rising chatbot demand, Gushup had an annual run price of round $150 million as of 2020.
“The growth in business use of messaging and conversational experiences, transforming virtually every customer touchpoint, is an exciting secular trend,” Tiger Global Management accomplice John Curtius stated in an announcement. “Gupshup is uniquely positioned to win in this market with a differentiated product, a clear and sustainable moat, and an experienced team with a proven track record. In addition to its market leadership, Gupshup’s unique combination of scale, growth, and profitability attracted us.”
This newest tranche brings San Francisco, California-based Gushup’s complete raised to over $144 million. The firm closed a $12 million sequence D spherical led by Globespan Capital Partners in March 2010.
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