Gupshup, a platform for conversational messaging, claims to serve 80% of India’s unicorns (startups valued at $1 billion or more). The company is riding high on the surge in artificial intelligence (AI) and reports an uptick in client budgets for digital experiments.
Gaurav Kachhawa, Chief Product Officer at Gupshup, explained that businesses are recognizing the need to engage with customers in the evolving world of conversational internet. This realization has led to increased digital spending, making Gupshup’s tools more in demand. Over the past year, average client spending has risen by about 10%, largely driven by AI.
Gupshup’s revenue grew by 43% to ₹1,619 crores, and profits increased by 22.5% to ₹49 crores in FY23. However, the company also incurred higher expenses, up by about 44% to ₹1,562 crores due to investments in new capabilities.
Recently, Gupshup launched a conversation cloud featuring tools designed for AI-backed B2C conversations, aiming to enhance customer interactions and expand user bases. The company also highlighted gains from its acquisitions, emphasizing the growing demand for AI systems.
While profitable for two successive financial years, Gupshup has been considering going public. It previously deferred its plans in 2022 due to market conditions but is now evaluating a listing in India or the US within the next 12-18 months. The company, which receives 20% of its revenue from international markets, aims to increase this to at least 50% in the coming years.
Founded in 2004 as an SMS network in India, Gupshup has expanded globally and serves over 75,000 customers in various industries. The platform helps brands interact with customers through voice, SMS, email, and WhatsApp, with clients including Swiggy, Marks & Spencer, and HDFC Bank.”
