Gupshup just raised over $60 million in a new funding round, but the startup is staying tight-lipped on its updated valuation. The San Francisco-based business messaging company, born in India over 20 years ago, hasn’t disclosed whether the raise boosted its unicorn status.
In 2021, Gupshup secured $340 million from big names like Tiger Global and Fidelity, pegging its valuation at $1.4 billion. Since then, Fidelity cut its internal valuation repeatedly, dropping it to as low as $486 million between 2023 and 2024.
The latest raise mixes equity and debt funding from Globespan Capital Partners and EvolutionX Debt Capital. Founder and CEO Beerud Seth told TechCrunch that equity makes up just over half the round’s total but declined to specify the debt amount. 
Gupshup started in 2004 as a platform to connect businesses and customers via SMS. As messaging evolved to WhatsApp and Rich Communication Services (RCS), Gupshup pivoted to chatbots and now offers AI agents for enterprises.
Beerud Seth said the startup sees big demand for AI agents that work through popular messaging platforms and voice interfaces.
“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 told TechCrunch.
Despite heavy competition from Amazon, Google, and Microsoft, Gupshup leans on its 50,000+ customers across 100+ countries and years of messaging experience.
“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,” Seth said.
Since mid-2021, Gupshup says it tripled revenue and boosted profitability. Still, the latest round wasn’t priced, so its valuation impact remains unclear.
“As a founder, you focus on value, and the valuation will follow,” Seth said when asked if Gupshup still considers itself a unicorn.
“We operate ourselves like we are going to be a big company.”
The fresh funds will support growth in India, the Middle East, Latin America, and Africa. The startup also plans to enhance products that serve sectors like automotive, banking, fintech, e-commerce, and travel. Offerings include AI campaign copilots, click-to-chat ads, and agent assist tools.
Gupshup currently handles over 120 billion messages a year. An IPO is on the horizon, possibly within 18–24 months. The company is weighing a listing on Indian exchanges for strategic reasons but faces tax and funding hurdles due to its U.S. domicile.
Seth on IPO timing:
“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.”
