The funding round was also joined by KDDI Open Innovation Fund, RingCentral Ventures, DG Daiwa Ventures and Nexxus Global alongside existing investor Accel India.
Airmeet, which is an event-led engagement platform will be using the fresh funding to expand in global markets, invest in Research &Development, and scale its go-to-market function. The company will also focus on activities that will help bring more visibility to the brand and its offerings in the international market.
“The company is clocking an annualised revenue run rate of $5 million and is expected to grow to $20 million in next 12-18 months,” Lalit Mangal, cofounder and chief executive Airmeet, said.
“The Covid-19 pandemic has brought in a marked shift in the way we work, the way we interact with customers, employees, and other stakeholders. This shift has accelerated the adoption of agile and virtual solutions to cater to business needs,” said Ashutosh Sharma, head of investments, India, at Prosus Ventures.
Founded in 2019 by Manoj Singh, Lalit Manjal, and Vinay Kumar, Airmeet offers an all-in-one virtual events platform for marketers, event organizers, community builders, and enterprises.
Airmeet focuses on creating interactive and immersive virtual events platforms for knowledge professionals. Its scalable platform supports a wide range of event formats including webinars, fairs, workshops, conferences, summits, townhalls, and more, all done virtually.
All three founders have been together since Lalit Manjal’s previous venture, Common Floor, a property portal that was acquired by Quikr, a classified firm for US$200 million.
The startup said that it had increased recurring revenue 24x in the last year and has been growing 30 percent month on month. Airmeet has enabled over 120,000 event organizers to stream 150 million minutes of video airtime across the globe.
The company is serving over 1000 customers and aims to expand it to 15000 by the end of this year. Its key clients include Flipkart, Fifth Element Group, Unifrog Education, University College London, and Minnesota State University.