Business
Ten Indian start-ups become unicorns
(billion-dollar companies) in just 100 days
BY S VENKAT NARAYAN
Our Special Correspondent
NEW DELHI, April 10:
The market value of as many as 10 Indian start-up companies, popularly known as unicorns) has crossed one billion US dollars each during the past one hundred days!
Business to consumer messaging solution Gupshup has raised $100 million in funding from Tiger Global at a valuation of around $1.4 billion. This makes it the sixth unicorn in the past week and tenth since January 1, 2021.
The $100-million marks the first close of a round and is set to be followed by a second close of higher value to be completed soon, Silicon Valley (USA)- and Mumbai-based Gupshup said.
Gupshup intends to use the investment to augment its product, expand in global markets, and also plans to evaluate acquisitions to help it transform business communications across various messaging channels.
Gupshup, which claims 80% revenue growth from pre-pandemic time, closed 2020 with annual revenue run rate of around $150 million. This is Gupshup’s first fundraising in almost a decade as the profitable (Artificial Intelligence (AI)-based messaging platform raised $10 million earlier in 2011 from Charles River Ventures, Helion and Globespan. With the current round, total funds raised by Gupshup stands at $150 million.
Serial entrepreneur Beerud Sheth, co-founder and CEO of Gupshup, said the investment will help them meet rising demand for conversational experiences in business to customer interactions. And they chose to go for it rather than having an operational cash flow need.
“The pandemic has accelerated digital communications by businesses. And messaging platforms have emerged as the new digital storefront,” Sheth said. He previously founded Elance (now called Upwork), a US-based listed enterprise.
Launched in 2004, Gupshup is a pioneer in business messaging and its Application Programming Interface (API) enables over 100,000 developers and businesses, and delivers over six billion messages per month across 30+ messaging channels. Its clients span banking and financial services, travel and hospitality, e-commerce, and other businesses.
Over the years, business messaging has gone beyond just SMS (Short Message Service) with the rise of Internet Protocol (IP)-based messaging channels such as WhatsApp, RCS, and Gupshup’s own Gupshup IP (GIP) messaging.
“Gupshup is uniquely positioned to win in this market with a differentiated product, a clear and sustainable moat, and an experienced team with a proven track record,” John Curtius, partner at Tiger Global Management, said.
This is the firm’s second investment this week after leading an $83 million funding in online investment app Groww on Wednesday.
Ten startup companies have announced reaching unicorn (over $1 billion) in 2021 till date, and six of them have entered the elite league in just the past week.
Gupshup, Groww, Sharechat, PharmEasy, Meesho, and CRED turned unicorns this week. India saw 11 companies making it to the unicorn charts in the year 2020.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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