Conversational messaging platform providing company Gupshup acquires Active.ai, a leading conversational AI provider for banks and Fintech companies.
The acquisition will help Gupshup further strengthen its expertise in customer experience for its clients, especially those involved in the BFSI industry. However, no information has been revealed by either of the companies regarding the valuation of this acquisition deal.
In addition to this acquisition, Gupshup is also in talks with possible investors about raising $100 million to $200 million in pre-IPO fundraising. Last year in July, Gupshup raised $240 million in its additional funding round, which witnessed participation from investors such as Tiger Global, Fidelity Management, Think Investments, Malabar Investments, Harbor Spring Capitals, and White Oak.
During the funding round, Gupshup officials said that the raised capital would be used to expand the company’s market reach and to develop its business messaging platform further.
Recently, Gupshup acquired AI-powered cloud communication startup Knowlarity Communications. Gupshup planned to employ Knowlarity’s voice-based AI solutions for call centers and customer care to expand the abilities of its chatbot and AI-powered messaging service.
Co-founder and CEO of Gupshup, Beerud Sheth, said, “Active.Ai’s robust CBaaS 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.”
He further added that they are excited to welcome the Acitve.Ai team to the Gupshup family and look forward to leading the next wave of conversational engagement and commerce technologies.
Singapore-based artificial intelligence company Active.ai was founded by Parikshit Paspulati, Ravi Shankar, and Shankar Narayanan in 2016. The company is known for building an advanced, patented conversational AI platform for financial institutions, insurance firms, and capital markets that can be quickly deployed.
Axis Bank, Kotak Mahindra Bank, Tata Capital, IndusInd Bank, and HDFC Securities Ltd in India, NTUC Income, NIUM, and Tonik Bank in Southeast Asia, and Abu Dhabi Commercial Bank PJSC (ADCB), Qatar Islamic Bank, and Burgan Bank in the Middle East are among Active.ai’s most notable customers.
“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 Co-founder and CEO of Active.ai, Ravi Shankar.