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.
"Helion is excited about SMS GupShup's rapid growth and leadership position in the dynamic mobile space. This innovative platform for mobile communities and advertising has great potential," said Ashish Gupta, MD, Helion Ventures.
