Digital meeting platform Airmeet raises Rs 260 cr in series-B funding round

Digital meeting platform Airmeet on Tuesday announced to have raised Rs 260 crore in series B funding from new as well as existing investors.

New investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global participated in the funding round, while existing investors Sequoia Capital India and Accel India also contributed in the fund raise.

"Funds raised will go towards expanding its footprints in the global marketplace, with plans to invest heavily in research and development, and scaling its GTM (go-to-market) function," the company said in a statement.

The company claims to have scaled its recurring revenue 24 times since Series A investment and is growing at 30 per cent month-on-month.

"Brands have to start conversations and engage with customers without losing their human touch in the virtual space. Our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats," Airmeet CEO and co-founder Lalit Mangal said.

The company said that key customers helping to lead organic growth include Flipkart, Fifth Element Group, BMF Media, Unifrog Education, NPower Inc, University College London, Rotman School of Management, Zircom (Shell Oil), Viacom CBS, Texas Tech University Health Sciences Center, Minnesota State University, Mankato, and First3Years.

"The 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 further accelerated the adoption of agile and virtual solutions to cater to business needs. We are excited to partner with Airmeet as they support the transformation and evolution of the enterprise SAAS marketing space," Prosus Ventures head of investments in India, Ashutosh Sharma, said.