This is Gupshup’s second acquisition in 2022 after it acquired cloud telephony startup Knowlarity Communications in February 2022
In July 2021, Gupshup secured an additional $240 Mn in its Series F funding round
Gupshup bought New Jersey-based rich communications services (RCS) startup Dotgo in September last year
Conversational engagement platform Gupshup has acquired Active.Ai, a conversational AI startup used by banks and fintech firms in all cash deal.
Gupshup said the acquisition would strengthen it’s customer experience solutions for banking, financial services and insurance (BFSI) customers.
However, Gupshup’s spokesperson did not disclose the deal amount, only revealed that it was an all cash deal.
This is Gupshup’s second acquisition in 2022. In February it acquired cloud telephony startup Knowlarity Communications for an undisclosed amount.
Founded in 2004 as Webaroo Inc by Beerud Sheth and Rakesh Mathur, Gupshup enables companies to create AI-powered conversational journeys on messaging apps, across marketing, commerce and support workflows.
Customers can discover products, pay for them, track delivery, provide feedback and get support over a simple and familiar chat interface. The 17-year-old startup has so far raised more than $390 Mn, as per an Inc42 report.
“Using conversational AI, Gupshup is helping global businesses establish new ways to engage with consumers in a more natural and contextual manner. Active.Ai’s robust CBaaS platform adds more vertical depth to our product stack, giving BFSI customers tools to create intelligent, frictionless micro conversations with consumers using voice, video and messaging channels,” said Beerud Sheth, cofounder and CEO Gupshup.
Gupshup also bought New Jersey-based rich communications services (RCS) startup Dotgo in September 2021.
Further, San Francisco-headquartered Gupshup entered the unicorn club by raising $100 Mn in its Series F financing round in April last year from Tiger Global Management, valuing the startup at $1.4 Bn.
Gupshup claims to be present across the world in regions including India, Latin America, Eastern Europe, Southeast Asia, the Middle East and the United States. Some of its clients include Kotak Mahindra Bank, IndusInd Bank, HDFC Bank, Ola, Zomato, and Flipkart.
Meanwhile, Active.Ai serves BFSI customers across 43 countries with a Conversational Banking as a Service (CBaaS) platform that helps clients engage with millions of consumers.
Founded in 2016 by Ravi Shankar, Shankar Narayanan and Parikshit Paspulati, Active.ai has enabled more than 300 Mn user interactions via voice, video and messaging, managed over 30 Mn service requests and fulfilled 50 Mn plus enquiries in aggregate, with 95% accuracy.
Headquartered in Singapore, Active.Ai’s investors include InnoCells, Kalaari Capital, Vertex Ventures, Chiratae Ventures, CreditEase, DI and Kstart.
The global customer service software market size was estimated to be worth $1 Bn in 2020 and is expected to grow to $2.5 Bn in 2025, at a CAGR of 20.4%, according to a report by Markets & Markets .
The burgeoning demand for better business-to-customer interaction has led to a boom in the sector and the increasing capital inflow is a testament to that. The announcement appears to be a good sign of the times to come.