InVideo Bags $15 Mn In Series A Round Led By Sequoia India
By Space Coast Daily // November 5, 2020
The famous startup InVideo has come into the news for raising 15 million dollars. It is to court more users and customers from all over the world. InVideo is an online video editing startup. It is behind the creation of a platform for video creation, as well as its editing.
The startup lets its users create excellent quality, professional videos through its templates, music, and images. These videos produced can then be optimized too for varying social media platforms.
InVideo bagged this amount in a Series A funding round led by existing investor Sequoia Capital India. Several new investors also joined the competition.
The investors include Hummingbird, Tiger Global, RTP Global, and Base Ventures, Palo Alto-based seed-stage venture capital firm.
InVideo is a company launched in April 2019 by Sanket Shah and Harsh Vakharia. It allows its users to create the videos and then use them for or publish them upon social platforms.
These platforms are such as Facebook, YouTube, and Instagram, among many others. Check over here it’s features. The company has kept the platform on a freemium model for the users.
Therefore, users can take advantage of the same through several paid plans. Talking about these plans, they start at 10 dollars a month and go up to 30 dollars a month on an annual billing cycle.
One may also know here that Abstrakt Video owns this Mumbai based video creation platform, InVideo. Where InVideo got launched in April month of the year 2019, The Abstrakt Video was formed in 2017.
Furthermore, Abstrakt Video, developed by Sanket Shah and Harsh Vakharia, became a part of Sequoia’s accelerator program Surge in 2019.
From the time of its launch, the InVideo has successfully amassed an enormous number of users. The number of users can be calculated as 8 lakh. And these have created videos in more than 75 languages, which is another interesting point for the company.
Furthermore, the startup has also courted many high-profile customers such as Reuters and AT&T and Dropbox, and P&G.
Also, some of these customers are going ahead with white-labeling InVideo platforms for their clients as well. It is as told by the co-founder and executive chief of the InVideo, Sanket Shah.
He also said that this platform is so efficient that it can cut the time to create a professional-quality video by more than 90 percent. It further lets its users or video creators have a perfect focus on the impact and the message of the videos.
Talking about this raising of funds, he also said that they aim toward replacing this current expensive video editing software for the users with an intelligent and flexible platform. It would help to make videomaking easier than what it is at present. And this is their single goal.
The startup claims to have 8,00,000 users worldwide in 150 countries. With the current round, InVideo has been able to raise a total of 18.2 million dollars.
That also includes an angel round of funding from the former Facebook executive Anand Chandrasekaran and Snapdeal co-founder Kunal Bahl. There are several other names here, such as Gokul Rajaram of Fintech Firm Square, True North’s Haresh Chawla, Cred’s Miren Sampat, and others.
Here, the startup went onto raising 2.5 million dollars from Sequoia’s Surge. This platform is a do-it-yourself platform for the people and allows them the creation intuitive videos. It offers them video editing as well as composting in a browser’s first solution.
Again, the company has the plan to utilize the funds to build out its collaborative and cross-device video creation suite. It also plans to accelerate its product development. It is to help more and more individuals and businesses create videos that best fit their needs.
Sequoia Capital India has its vice-President Prateek Sharma. He mentioned that they carry a belief that the future global SaaS companies will be building from India.
InVideo, he said, is a well-placed platform and a suitable choice for video creation in this potentially 10 billion dollars market. And its credit goes to its stellar product, tech capabilities, and design.
InVideo differs from many SaaS startups emerging from India in the way that it is at present, not monetizing its platform fully.
It, in fact, as an app, offers a wide range of functionalities without charging anything. And it charges just 10 dollars a month when there are premium clients such as marketing agencies.
Shah has further mentioned that this startup will pan to charge these business customers more in the future. But for now, he has his focus on creating more number of users for the startup. He wishes to look into monetization opportunities after he has this purpose fulfilled.
One may know that The InVideo is looking forward to removing one of the most significant limitations in front of the users.
And that is the persistent watermark on the videos. InVideo, at present, does not have any mobile or any desktop application. The users have to go to a web browser first.
Then, they are allowed by a tech stack of the startup to upload a video. They can then edit as well as process the video there. That’s why the startup is now planning to release mobile applications by early in the next year.
However, this is still not all. There is more going on with the startup InVideo. They are further planning more about the platform and its features.
These features include the users’ ability to collaborate and new financing to help them create the same. The startup has a team in the US, too, along with several other countries, and plans to hire more people now.
The startup InVideo offers to remove rendering time, making the process more comfortable, and shortening feedback loops. It is planning to expand at scale and build technology solutions.