Results · AI & Deep Tech

Gupshup India profit falls 50% in FY25

By Startup Enthusiast · 2 April 2026

What they do

Gupshup provides conversational AI for marketing, commerce, and customer support

Its India unit reported FY25 revenue of Rs 1,943 crore and net profit of Rs 26 crore, down 52% from Rs 54 crore in FY24

Miscellaneous expenses accounted for 65% of total expenditure, and the company sold its GSPay technology to PhonePe last year

Gupshup India reported its financial results for the fiscal year ending March 2025 (FY25).
Revenue from operations fell 5.3% to Rs 1,943 crore from Rs 2,051 crore in FY24.
Net profit dropped 52% to Rs 26 crore from Rs 54 crore in the previous year.
Total income for FY25 was Rs 1,957 crore, including Rs 14 crore of non-operating income.
Miscellaneous expenses were the largest cost at Rs 1,245 crore, making up 65% of total expenditure.
Employee benefit expenses rose 10% to Rs 312 crore, while telephone and postage costs were Rs 138 crore.
The company's EBITDA margin stood at 3.91% and return on capital employed (ROCE) was 12.72%.
As of March 2025, Gupshup had current assets of Rs 1,590 crore but cash and bank balances of only Rs 7 crore.

The profit decline comes despite the company raising $60 million in debt and equity in July 2025.
Gupshup sold its proprietary GSPay technology stack to PhonePe in 2025, which may have affected revenue.
The company appointed Ravi Dugar as Chief Financial Officer, signalling a focus on financial discipline.
Cost per rupee earned was Rs 0.99, leaving a razor-thin margin of just 1 paisa per rupee of revenue.

Gupshup provides conversational AI for marketing, commerce, and customer support.
It serves over 50,000 businesses across 130 countries.
The platform processes more than 120 billion messages annually across WhatsApp, voice, web, and mobile.
Revenue comes from mobile messaging services, text-based advertising, and software development charges.
The company was valued at over $1 billion (unicorn) after raising $100 million from Tiger Global in April 2021.

The company is expected to focus on improving financial discipline and efficiency under new CFO Ravi Dugar.

Tiger Global Management (existing) — Global investment firm that led Gupshup's unicorn round in April 2021.
Globespan Capital Partners (lead) — Venture capital firm that co-led the $60 million round in July 2025.
EvolutionX Debt Capital (lead) — Debt capital provider that co-led the $60 million round in July 2025.