Enterprisetech Unicorn: Gupshup acquired AI Startup AskSid to Strengthen Product Offerings
- ByStartupStory | April 20, 2022
Gupshup, the enterprisetech unicorn has acquired a 100% stake in conversational AI provider AskSid in an all-cash deal.
According to Gupshup, its customer experience offerings will strengthen the acquisition and will help in making its customers’ shopping journey conversational.
Gupshup shall begin to collaborate with major companies working across the world, following this acquisition.
Knowlarity got acquired by Gupshup for an undisclosed amount in February 2022, the acquisition comes after the cloud-based telephony startup. To assimilate Knowlarity’s AI-powered tools into their business suite, the deal has helped the Gupshup.
AskSid, founded in 2017 by Sanjoy Roy and Dinesh Sharma, partnered with retail companies and uses AI in order to enhance the shopping experience on their websites. Its product offerings include IntelliSID, TrainSID, HeySID, ReplaySID, SwitchSID, MonitorSID and MeaureSID.
AskSid has worked with various global brands including AkzoNobel, Akris, Danone, Wolford, and Himalaya Wellness, among others. In more than 25 countries it has a presence and it offers services in over 100 languages.
To have reduced operational expenditure by 25% and boosted order conversion rate by 30% has been reported by AskSid. It counts Mintree’s Krishnakumar Natarajan, Google’s Rajan Anandan, and Parthasarathy NS, as its investors Microsoft’s Radha R, and Techstars.
A conversational messaging platform, Gupshup, founded in 2004 by Beerud Sheth, that offers various services to businesses including banking, hospitality, ecommerce, and consumer goods. It has worked with a large clientele including HDFC Bank, Ola, Kotak Mahindra Bank, IndusInd Bank, Zomato, and Flipkart.
Gupshup acquired New Jersey-based company Dotgo in a majority stock deal in September 2021. Rich communication services (RCS) is offered to customers by Dotgo. Its offerings include audio, group chats, video, and images.
After raising $100 Mn in a Series F funding round, Gupshup raised $240 Mn in a follow-on funding round in July 2021. It planned to buy back shares from employees and some of its existing investors, with this investment.
The round saw participation from Fidelity Management and Research, White Oak, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital, Neuberger Berman Investment Advisers, former WhatsApp head Neeraj Arora and others.
In April 2021, in its Series F funding round, Gupshup raised $100 Mn at a valuation of $1.4 Bn. From Tiger Global, it received investment. It raised funds in a Series E funding round in 2011, prior to this.
Zendesk, Twilio, Yalo, SPECTRM, sinch, and Yellow.ai are some of its competitors.
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