SMS GupShup Raises $11 Million From Helion Ventures and Charles River Ventures
By Dianne See Morrison - Tue 07 Oct 2008 06:17 AM PST
SMS GupShup, the microblogging platform, has raised $11 million (Rs 53 crore) in funding from Charles River Ventures and Helion Ventures. Business Standard reports that the money will be used to grow the business, product development and increased sales and marketing. If the news sounds familiar, the funding was initially reported in July—though for $10 million--and then swiftly denied by Helion Ventures. At the time, GupShup then neither denied nor confirmed the funding. The seven-month old company claims to have 12 million unique users, and is hoping to generate revenues through mobile advertising. The free service currently foots the bill when members send each other messages.
Posted in: Venture Capital
