[Funding alert] DU students’ startup Metvy raises pre-series round from HostelFund
, a multilingual professional networking app for the youth founded by Shawrya Mehrota and Rajan Luthra, who graduated from Delhi University this year, has raised an undisclosed pre-series round of funding from HostelFund.
Metvy, founded in 2018, had earlier raised seed funding from an incubator backed by the government of Delhi.
This startup aims to make its app more meaningful and effective for networking and mentorship for the younger section of the population. It is available on Android and Apple playstore.
According to Metvy, the total market size for networking is around $269.4 billion while the addressable segment for them is around $13.4 billion. The founders believe that only a small percentage of mobile internet population use existing networking platforms giving them the opportunity to tap into youth segment especially in the Tier II and beyond cities.
Shawrya said, “Networking with relevant professionals is a tedious, time-consuming task especially for youngsters. Metvy aims to dislodge the barrier of language in the sphere of professional networking, and expand its reach to communities of not only working professionals but students and educational institutes as well in order to embody efficient professional networking skills from the outset.”
Besides multilingual capability, the app will also feature job listings.
On the investment into Metvy, Ankur Jain, founder, HostelFund said, “Very few platforms or angels invest in young and passionate student startups. HostelFund, being one of its kind in India, truly believes that students should consider entrepreneurship as a first career choice.”
As part of its future plans, Metvy aims to grow their revenue model apart from monetising other use cases on the app with a target of 100,000 active user base in the next 12 months. It will also look at incorporating advanced AI features for more intuitive networking and improve the user experience.