Event-focused management platform Airmeet on Tuesday said it has bagged $35 million (around Rs 262 crore) as a part of its Series B funding led by novel investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global.
Existing investors Sequoia Capital India and Accel India also took part in the round.
The firm plans to use the fundraise for global expansion, back research and development and scale market operations.
Airmeet claimed it had logged 24X recurring revenue jump, since its last funding round, and is witnessing a 30% month-on-month growth.
The company houses clients including Flipkart, Fifth Element Group, BMF Media, Unifrog Education, NPower Inc and Viacom CBS, among others.
“Customer engagement has been fast evolving into a space that needs to go beyond the traditional channels. Brands have to start conversations and engage with customers without losing their human touch in virtual space. Our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats,” said Lalit Mangal, CEO and Co-Founder of Airmeet.
Earlier, Airmeet raised $12 million (Rs 88 crore) in its Series A funding round led by Sequoia Capital India and Redpoint Ventures in September 2020.
The platform launched by Lalit Mangal, Vinay Kumar Jaasti and Manoj Kumar Singh in 2019, enables users to broadcast events and let participants and guests to communicate and network with one another. It claimes to be the remote-first company with over 300 employees spread across India and North America.
The founding trio has been together since Mangal’s previous venture - CommonFloor, which was acquired by Quikr.com for $200 million.
"This pandemic has shifted the way companies engage with various stakeholders (customers, employees, etc.) to digital given the efficiency and immersive experience associated with it. Airmeet is at the forefront of this transformation.
We've been a partner to Airmeet for over 18 months now and are impressed with the team's product focus, relentless execution, and immense customer love for the product. We look forward to many more years of compounding growth at Airmeet," said Abhishek Mohan, Principal at Sequoia India.
