SMS GupShup, a mobile social network, has raised Rs 500 million from several venture capital investors, who valued the company at Rs 10 billion.
The funding was provided by Tenaya Capital, Lloyd George, New Horizons, Charles River Ventures, Helion Ventures and Globespan Capital Partners. SMS GupShup will now have an equity capital base of $47 million, with investors holding a little over 50 per cent stake in the firm.
This is the fifth round of funding for the company which currently has 50 million users and is targeting Rs 1 billion in revenue by the end of March 2012.
