MUMBAI: Social network SMS GupShup has closed funding for a $12 million round, led by Globespan Capital Partners and additional financing from existing investors, Charles River Ventures and Helion Venture Partners.
This funding will allow SMS GupShup to expand into new territories, and to roll out new features such as Mobile CRM solutions for small businesses and corporate brands.
SMS GupShup co-founder and CEO Beerud Sheth says, "Our user base and revenues have grown substantially over the last year and we are also seeing strong interest from carriers worldwide. We expect to use the proceeds from this funding round to accelerate our growth and expand our operations globally, to make our products useful to each of the the 4 billion mobile subscribers worldwide."
To date, SMS GupShup has raised $37 million in funding and is now aggressively hiring. In only the past two months the service has increased its team headcount from 100 to 130 and is looking to fill another 20 positions in marketing, engineering and advertising sales.
Globespan Capital MD Venky Ganesan says, “SMS GupShup is bringing social messaging to the mobile masses. It is on track to be the next big global, social, mobile play."
As part of this funding round, Ganesan will join the SMS GupShup Board of Directors, which currently comprises Devdutt Yellurkar (Charles River Ventures), Ashish Gupta (Helion Venture Partners), Jeff Hussey (Founder of F5 Networks), Rakesh Mathur (co-founder and chairman of the board) and Beerud Sheth (co-founder and CEO).
“Since we last invested, SMS GupShup has shown huge growth in number of users and revenues. We’re excited to re-invest again to help the business realize its global potential as the social messaging solution for the masses,” says Devdutt Yellurkar of Charles River Ventures.
