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Our Bureau

Bangalore, Oct. 7 Venture capital firms Helion Ventures and Charles River Ventures have invested $11 million (Rs 52.8 crore) in SMS GupShup, a mobile group SMS service that allows users to create mobile communities and broadcast messages to them.

Part of Webaroo Technology India, SMS GupShup plans to use the funds to fuel business growth, product development and increase sales and marketing efforts, the company said in a press release.

Launched in April 2007, SMS GupShup has over 12 million users in communities such as finance, entertainment, business, news, education, spiritual and health, among others. The company is seeing increased adoption from major advertisers for targeted, contextual mobile advertising.

“Helion is excited about SMS GupShup’s rapid growth and leadership position in the dynamic mobile space. We believe that this innovative platform for mobile communities has immense potential,” said Mr Ashish Gupta, Managing Director, Helion Ventures.

Launched initially in India, SMS GupShup will later be available in other geographies, the company said in a press release.

More Stories on : Venture Capital | Telecommunications

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