Virtual occasion organization startup and Zoom’s greatest rival in India Airmeet is in late-stage conversations to gather up a new round from new and existing backers, according to two individuals aware of the details of the potential transaction.
The Accel-backed startup had last raised $12 million in its Series A round drove by Sequoia Capital India and Redpoint Ventures in September last year.
“Airmeet is raising around $25-30 million at over $150 million in valuation,” said one individuals on the state of anonymity as talks are private. “Prosus and Sequoia are probably going to co-lead this round,” the person added.
In the event that this goes through, it will mark a three crease hop in Airmeet’s valuation which was valued at around $50 million 14 months ago. The company had also raised $400K in a seed round and shut a follow-on seed round of $3 million from Accel and others in March last year.
According to sources, Accel will join the round on a supportive of rata basis.
“We don’t remark on market rumors or speculations,” said Prosus in interview. Inquiries shipped off Airmeet, Sequoia and Accel didn’t get an immediate reaction. We’ll update the post as and when they react. Established by Lalit Mangal, Manoj Singh and Vinay Jaasti, Airmeet came as an alternative to Zoom during the first wave of the coronavirus pandemic. The startup arranges meetups, occasions, studios and is constructed specifically for occasions with a backstage, stage and a social parlor.
The pandemic had an extreme impact on the majority of startups yet it assisted a few companies with growing. One such firm is Airmeet that has managed to scale at a fast clasp in FY21. Its income took a leap in FY21 to Rs 40 crore as compared to Rs 1.9 crore in FY20, per the company’s annual financial statement recorded with the RoC.
It’s worth mentioning that Airmeet was just operational for a couple of months in FY20 and FY21 was its first full fiscal of operations. In contrast to a majority of early-stage startups, Airmeet has been profitable since its first fiscal year. Its benefit stood at Rs 2.75 crore in FY21 and Rs 17 lakh in FY20.
