Gupshup, a messaging platform, has raised $240 million from Tiger Global and Fidelity before the initial public offering (IPO) in the US next year. “The fresh funds were possible because of strong investors interested in Gupshup, due to the overall growth in the messaging space and the innovation-led market leadership position it has built,” CEO and co-founder of Gupshup, Beerud Sheth said.

“We will use some of the funds for share buyback from employees and investors that helped the company for nearly 15 years. There were still many investors interested, and Gupshup wanted to make connections with the public market investors. So, having a relationship with them will help us later in launching an IPO,” Sheth added.

Gupshup will use its existing funds in searching for purchase opportunities that can fill existing product gaps in its portfolio and help it grow into different spaces. They will continuously invest in product innovation for digital commerce and develop its go-to-market initiatives in mobile-first economies globally. Gupshup is also looking to expand its executive team with leadership hires in corporate development, international business development and sales.