Advertisement

Help
You are here: Rediff Home » India » Business » Business Headline » Report
Search:  Rediff.com The Web
Advertisement
   Discuss   |      Email   |      Print | Get latest news on your desktop

VC funds invest $11 mn in SMS GupShup
B S Reporter in Mumbai
 
 · My Portfolio  · Live market report  · MF Selector  · Broker tips
Get Business updates:What's this?
Advertisement
October 08, 2008 07:55 IST

SMS GupShup, a service that enables users to form communities and blog using their mobile phones, has received an investment of $11 million (about Rs 53 crore or Rs 530 million) from venture capital funds Helion Ventures and Charles River Ventures.

"We are delighted to have two world-class venture capital firms as our investors, helping us deliver great customer value and build on a significant market opportunity" said Rakesh Mathur, CEO and co-founder of SMS GupShup, which has a user base of 12 million.

The funds will be used to fund business growth, product development and increased sales and marketing, he said.

The service, launched in April 2007, has over 50,000 communities ranging from finance, entertainment, business, news, education, spiritual and health.

Powered by

 Email  |    Print   |   Get latest news on your desktop

© 2008 Rediff.com India Limited. All Rights Reserved. Disclaimer | Feedback