InVideo raises Rs 110cr in Series A led by Sequoia Capital
Video creation platform InVideo on Tuesday said it has raised $15 million (approximately Rs 110.6 crore) in a Series A funding round led by Sequoia Capital India.
The round also includes participation from Tiger Global, Hummingbird, RTP Global and Base, the company said.
InVideo offers video creation experience for amateurs and professionals alike.
The platform combines video editing and compositing in a browser first solution to increase accessibility.
InVideo said that the funding will help accelerate product development and build its collaborative, cross device video creation suite.
"Making professional quality videos is hard. InVideo is set to change that. We have a single goal: to replace the current crop of cumbersome and expensive video editing software with an intelligent, yet flexible platform," Sanket Shah, CEO and co-founder of InVideo, said in a statement.
"InVideo cuts the time to create a professional quality video by over 90 per cent, and allows the creator to focus on impact and message," Shah said.
InVideo was launched in April 2019 by Shah and Harsh Vakharia who first worked together at a startup that created 10-minute video summaries of nonfiction books and have also spent time building an enterprise grade video creation suite for newsrooms.
"This fresh capital injection will allow us to continue our mission to build a world-class technology solution, expand at scale and help more individuals and businesses create unique videos that fit their needs in the easiest way possible," Shah said.
Since launching a year ago, the platform has over 8 lakh users from more than 150 countries who have created videos in over 75 languages, the company claimed.
"We believe the global SaaS (software-as-a-service) companies of tomorrow are going to be built from India. And with their stellar product, design and tech capabilities, InVideo is well-placed to become the platform of choice for video creation in a potentially $10 billion market," said Prateek Sharma, Vice President, Sequoia Capital India. - IANS