SMS GupShup Secures $10m Funding
- Tuesday, August 30th, 2011
- Share this article:
Indian social network SMS GupShup has announced a $10m funding boost. Tenaya Capital joins existing investors Globespan Capital Partners, Helion Ventures and Charles River Ventures in investing in SMS GupShup, taking the companys total funds to $47m.
SMS GupShup is a social network based around SMS – still the predominant form of social networking in developing markets such as India. The messaging platform enables consumers to send reply all chat messages in groups.
The business gets revenue from mobile marketing and CRM solutions, as consumers use the service to connect with their interests and businesses use it to engage with customers.
“SMS GupShup has cemented itself as the dominant social network in India, demonstrating that the company truly understands the Indian consumer and their needs,” says Brian Paul, MD at Tenaya Capital. “We are also very excited about the companys opportunity to leverage its innovative product offerings to expand beyond India into other high growth emerging markets.”
“We never dreamed four years ago that we would become the leading communication platform in the biggest democracy in the world,” says SMS GupShup co-founder and chief executive Beerud Sheth. “Our vision is to connect billions of mobile users worldwide through group messaging. Virtually anyone – whether a consumer, business, government agency or non-profit organisation – can benefit from using our platform.”
The company has also announced that it has added to its senior management team. Ravi Sundararajan joins as VP of marketing, and Samir Parekh joins as VP of human resources.