Gupshup acquires controversial banking services provider Active.Ai
Gupshup, a contentious messaging platform since its inception, has acquired Active.Ai for an undisclosed sum. Active.Ai is a fintech specialized in the field of artificial intelligence. The company’s main headquarters are based in Singapore, but its research and development headquarters are located in Bangalore.
The transfer of ownership now marks the third acquisition made by Gupshup in the space of 6 months.
Gupshup previously acquired Knowlarity Communications two months ago in February. The company specializes in artificial intelligence and cloud telephony or communications. This company is also based in Singapore.
Their first acquisition comes in the form of Dotgo, a communication platform that offers group chats, video and audio calls. This company is based in Bangalore.
The purchase of Active.Ai is expected to strengthen the company’s grip in banking and finance and also significantly improve its customer support services.
Active.Ai was started by three Indians – Parikshit Paspulati, Ravi Shankar and Shankar Narayanan. The company offers various banking services and is currently established in more than 40 countries.
The company works with various tech industry behemoths such as Microsoft and Tata Consultancy Services. According to Active.Ai’s official sources, the company has received over 30 million requests and closed over 50 million requests. According to Dealroom, Active.Ai is worth over US$15 million in 2021.
Gupshup representatives said the purchase of Active.Ai would only strengthen the company’s data retention and exploitation capabilities. The acquisition also allows them to offer more resources and options for communicating with people through the big three channels, messages, voice calls and video calls.
Both companies have many common customers and customers and many Gupshup customers use the services provided by Active.Ai to build chatbot software applications. The acquisition will also allow Gupshup to enter the banking, financial services and insurance (BFSI) sector, which is part of their end goal. Therefore, it’s easy to see how acquiring Active.Ai makes perfect sense.
In 2021, Gupshup was valued at US$1.4 billion. And with the acquisition of 3 promising and healthy companies, this number is estimated at around 1.8 billion US dollars.
The CEO of Active.Ai said he was excited and eager to start working with the company’s new partners as they revolutionize the world of finance.