Conversational messaging platform Gupshup announced Wednesday that it raised $240 million in follow-on funding by way of Fidelity Management.
The latest raise is the second half of a round that the San Francisco-based company got started back in April. At the time, Gupshup raised $100 million at a valuation of $1.4 billion.
Gupshup’s API is used by enterprise teams to better engage with customers via multi-channel messaging. On Gupshup, customers can discover, pay for and track products all while chatting with their favorite brands. The company’s intent is to get users to converse with brands the same way they would with friends or family.
“Conversations represent the new digital storefront for businesses — virtually every business will need to build them,” Beerud Sheth, co-founder and CEO of Gupshup, said in a statement. “We are transforming digital commerce around the world with conversational messaging.”
Gupshup’s AI-enabled platform supports a wide array of marketing, commerce and support workflows. The platform covers over 30 messaging channels and powers over six billion messages per month, according to the company.
Following the latest raise, Gupshup will continue to invest in product development as well as expand its go-to-market initiatives around the world. A portion of the new investment will be used to buyback shares from past and present employees along with prior investors.
“It’s gratifying as an entrepreneur to be able to share financial rewards with company employees and return funds to investors that backed us a long time ago,” Sheth said in a post on LinkedIn.
Gupshup has raised over $375 million in venture capital financing to date.
Additional investors Tiger Global, Think Investments and Malabar Investments participated in the round, among others.
