InVideo, A Mumbai-based startup that built a video creation and editing platform has raised $ 15 million to serve more users and customers worldwide.
The startup offers a web-based freemium editing tool that allows users to create videos suitable for posting on popular social media platforms (such as Twitter, Facebook, YouTube). In a year since its inception, the company has accumulated over 800,000 users who have created videos in over 75 languages.
It has also courted several high profile clients including Reuters, AT&T, Dropbox, and P&G. Sanket Shah, co-founder and chief executive officer of InVideo, theinformationsuperhighway said in an interview earlier this week. Some of these customers are white-labeling the InVideo platform for their own customers.
InVideo's $ 15 million Series A funding round was led by Sequoia Capital India. Tiger Global, Hummingbird, RTP Global and Base also took part in the round.
Prateek Sharma, VP at Sequoia Capital India, InVideo is part of a growing number of startups in India building a SaaS platform for the world. "With its outstanding product, design and engineering capabilities, InVideo is well positioned to become the platform of choice for video creation in a potentially $ 10 billion market," he said.
Unlike most SaaS startups emerging from India, InVideo is not currently fully monetizing its platform. The InVideo app offers a number of free features and only charges $ 10 per month for premium customers like a marketing agency.
Shah acknowledged that the startup could charge a lot more to these business customers, but said the startup wants to reach more users first before looking into monetization opportunities. In addition, he believes that the InVideo platform shouldn't cost much in the first place. (During the conversation it became clear that services like Notion, which offer users a range of features for free, have an impact on how Shah thinks about creating InVideo.)
To that end, InVideo plans to remove one of the biggest restrictions on free users: the permanent watermark on videos.
InVideo does not currently have a mobile or desktop app. Users go to a web browser where they can use the startup's tech stack to upload, edit, and then process the video, Shah said. (Once the video is processed, users will see a one-click option to post it on their social media platforms.) However, InVideo plans to release mobile apps by early next year, he said.
That being said, there are a number of other features including the ability for users to collaborate that InVideo is working on, and the new funding will help speed it up, he said. The startup, which also has teams in the US and several other countries, also plans to hire more people.