[Funding alert] Video creation startup Rocketium raises Rs 5 Cr as part of its pre-Series A
The startup will use the funds for marketing and expanding the product globally, as well as introducing newer features on its platform.Tarush Bhalla
Web-based video creation startup Rocketium on Monday said that it has raised Rs 5 crore as a part of its pre-Series A round, led by India-based early stage investment platform 1Crowd. Blume Ventures also participated in this round.
According to Rocketium Founder and CEO, Satej Sirur, the funds will be used predominantly for marketing and expanding the product globally. The company will also leverage the funds for product development, introducing newer features on their platform.
The Bengaluru-based SaaS startup had announced its seed funding of Rs 2 crore last May. The funding then was raised by BigBasket’s Human Resources Head TN Hari, TaxiForSure Co-founder Raghunandan G, and others from the senior management team of SpaceX, Freshworks, Apple and Microsoft.
Founded in 2015 by ex-TaxiForSure employees, Rocketium is a web-based software that allows users to create professional-looking videos quickly without the need to have any video expertise. The 25-member team is based in Bengaluru, and team members have worked at Amazon, Byju’s, Deloitte, Genpact, IBM and Oracle, respectively.
At TaxiForSure, Satej Sirur headed Strategy and Product Management, while Co-founder and Chief Business Officer Anurag Dwivedi was a Product Manager. After TaxiForSure’s $200 million acquisition by Ola in 2015, they started Rocketium to make digital content visual and more effective.
At present, Rocketium has close to 260 customers globally, with most of the business in North America. It counts startups like Trell and CommonFloor as customers. Further, users create a total of 100,000 videos on the Rocketium platform, every month.
The company also claims to have more than 100,000 users on the platform.
Satej told YourStory,
"Our vision is to become an invisible layer on every app and help in video creation experiences. Until now our growth has been majorly organic, and this month we launched our white-label video creator offering, which allows customers of brands to make their own product review videos amongst other use cases.”
Last October, the company also launched video automation on its platform, which allows to users to create video at scale by just changing and defining placeholders.
With differential pricing, the company charges clients for its SaaS based tool on a subscription basis. For the web-based creator the average ticket size is $49 (or Rs 3,500 per month), while for the automation offering the company charges clients Rs 200 for every video created.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.