Bengaluru: An executive at the organization informed Mint that Gupshup, a SaaS-based conversational messaging platform, which caters to approximately 80% of India’s unicorns (startups valued at $1 billion or more), is capitalizing on the surge in artificial intelligence. The company is witnessing a rise in client allocations for experimental digital projects.
“The evolution of online communication is significantly propelling the company forward.” Gaurav Kachhawa, Gupshup’s chief product officer, highlighted that every business now recognizes the significance of engaging with customers to foster relationships. There is a notable increase in online expenditures as businesses strive for enhanced efficiency.
Over the past year, there has been a 10% uptick in average customer spending, largely steered by artificial intelligence. Kachhawa noted a surge in demand for their tools as organizations across various industries and regions ramp up their investments in digital channels.
Consequently, the company observed a 43% revenue surge to 619 million and a 22.5% increase in revenue to 449 billion in FY23. However, with the introduction of new features, costs escalated by approximately 44% to $1,562 million.
In the upcoming year, Gupshup will unveil a conversational platform, complete with a suite of AI-driven tools for B2C interactions. The platform comprises three key components—interact, market, and communicate—to assist clients in enhancing customer engagement, expanding their user base, and boosting open-message rates.
Gupshup emphasized that the expansions it undertook were yielding positive results. In 2022, the company acquired five entities in four months to streamline its portfolio of software services and integrate AI capabilities into its offerings. Kachhawa mentioned that there is a growing demand for AI solutions, prompting organizations to seek support from enablers like Gupshup.
Having maintained profitability for two consecutive years, Gupshup has been contemplating a public listing for some time. Initially planning to secure pre-IPO funding in 2022 and list by year-end, the company postponed its IPO due to sluggish market conditions, as per a report from Deal Street Asia.
Kachhawa revealed that the company is considering a listing in India or the US within the next 12 to 18 months. He added that while the company has been operating akin to a public entity in terms of meeting key performance targets, the decision to go public hinges on market dynamics.
Gupshup aims to broaden its global footprint, currently deriving 20% of its revenue from international markets. The company intends to elevate this figure to at least 50% as part of its multi-year expansion strategy.
Established by Beerud Sheth in 2004 as an SMS community in India, Gupshup now operates in various regions worldwide, including the US, Europe, Latin America, Africa, the Middle East, and Southeast Asia. With over 75,000 consumers spanning sectors like retail, entertainment, F&B, healthcare, marketing, and BFSI, Gupshup, headquartered in California, facilitates brand-customer communication through SMS, messaging apps, and WhatsApp. Notable clients utilizing its services include HDFC Bank, Marks & Spencer, and Swiggy. While initially focused on SMS solutions, Gupshup has diversified its offerings to align with the evolving digital landscape.
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