Gupshup becomes 10th unicorn of 2021, eyes public listing
Ten Indian startups have become billion-dollar valued companies or unicorns in the first four months of 2021, in what is a historic moment for the Indian ecosystem. Of this, six turned unicorns this week on consecutive days, underscoring the heightened funding interest in startups here. The latest to join the list is Gupshup, a messaging platform with operations in Mumbai and the US.
It has raised $100 million from Tiger Global at a valuation of $1.4 billion and is eyeing a public listing soon. The company is also looking to a second round of funding worth more than $100 million from multiple investors soon, Sheth said.
Founded in 2004, the company's last funding round was in 2011. It reported an annual revenue run rate of $150 million in 2020.
The company is also eyeing public listing. "As a company we want to be ready within the year, maybe later this year. But the actual listing depends on external factors that are not in our control," co-founder and CEO Beerud Sheth said. Gupshup will focus on building the right organisation, with a business model that is predictable and profitable.
Gupshup is the 10th unicorn, privately funded companies valued over $1 billion, announced in the first four months of 2021, compared to 11 in 2020. Apart from Gupshup, Groww, Sharechat, PharmEasy, Meesho, and CRED became unicorns this week. The others who made the list this year include Digit Insurance, Innovaccer, Infra.market and Five Star Business Finance.