InVideo, a video creation and editing platform, has raised $15 million (Rs 110 crore) in a Series A funding round led by marquee venture capital firm Sequoia Capital.
US-based venture-style investor Tiger Global as well as Hummingbird, RTP Global and Base Partners also took part in the round, co-founder and chief executive Sanket Shah said in a tweet.
This is the second time InVideo is raising funding this year. In February, it had secured $2.5 million in funding led by Surge, the accelerator programme of Sequoia Capital. Others that invested in the company at the time include angel investors Anand Chandrasekaran and Gokul Rajaram.
Previously, the video editing startup had raised around $750,000 in angel funding from Haresh Chawla, Snapdeal’s Kunal Bahl, Bigtree Entertainment’s Ashish Hemrajani and Times Internet’s Miten Sampat.
The company offers a basic free service, with premium features being sold through a subscription model. Its platform also includes features such as drag-and-drop functionality, a large picture, and video library and formatting for different services such as Facebook, YouTube, Instagram, Twitter and WhatsApp.
Prateek Sharma, vice president at Sequoia, said InVideo is part of a growing number of startups in India that are building a software-as-a-service platform for the world, according to a TechCrunch report. InVideo is well-placed to become the platform of choice for video creation with its stellar product, design and tech capabilities, he said.
InVideo plans to use the fresh capital to build out its cross-device video creation suite. It also plans to accelerate product development to help more people and businesses create videos.
