Gupshup, a conversational messaging platform, has paid full cash for Active.Ai, a conversational AI business. The financial information was kept under wraps.
Gupshup, which provides businesses with conversational messaging services, expects the purchase to boost its customer experience solutions for banking, financial services, and insurance (BFSI) clients.
Active is a Singapore-based company.
Ai supports BFSI customers in 43 countries, including Axis Bank, Kotak Mahindra Bank, Tata Capital, and IndusInd Bank.
The company claims to have facilitated more than 300 million audio, video, and messaging interactions.
Gupsshup has made three acquisitions since September 2021, including Knowlarity Communications and Dotgo.
The company’s team size has grown from 200 about a year back to 1,200, including the teams it has absorbed due to acquisitions.
“Using Conversational AI, Gupshup is helping global businesses establish new and exciting ways to engage with consumers in a more natural and contextual manner. Active.Ai’s robust platform adds more vertical depth to our product stack, giving BFSI customers the tools to create intelligent, frictionless micro conversations with consumers using voice, video and messaging channels”, said Beerud Sheth, cofounder and CEO of Gupshup in a statement.
Fidelity Management & Research Co, Tiger Global, Think Investments, and Malabar Investments were among the investors who contributed $340 million to Gupshup last year.
“In the conversational economy, business to consumer engagement that combines advanced natural language processing with deep enterprise connectivity is essential. Active.Ai’s conversational engagement platform powers leading financial enterprises across 43 countries,” said Ravi Shankar, co-founder and CEO of Active.Ai in a statement.