Airmeet will raise new funds valued at $ 150 million

The virtual event organizer startup and Zoom’s biggest rival in India Airmeet is in late-stage discussions to attract a new round of new and existing supporters, according to two people who know the details of the potential deal.

The Accel-supported startup last had Raised $ 12 million in its Series A round led by Sequoia Capital India and Redpoint Ventures last September.

“Airmeet collects around 25 to 30 million US dollars with a valuation of over 150 million US dollars,” said one of the people on condition of anonymity as the conversations are private. “Prosus and Sequoia will likely lead this round together,” added the person.

If that succeeds, Airmeet’s valuation, valued at around $ 50 million 14 months ago, will be a triple leap. The company had also raised $ 400,000 in a seed round and completed a successor $ 3 million seed round by Accel and others last March.

According to sources, Accel will participate proportionally in the round.

“We do not comment on market rumors or speculations,” said Prosus in a reply to Trickypedia… Inquiries to Airmeet, Sequoia and Accel did not result in an immediate response. We will update the post as soon as they reply

Airmeet was founded by Lalit Mangal, Manoj Singh and Vinay Jaasti and was an alternative to Zoom during the first wave of the coronavirus pandemic. The startup helps with the organization of meetups, events, workshops and is specially built for events with backstage, stage and social lounge.

The pandemic had a serious impact on the majority of startups, but it helped some companies grow. One such company is Airmeet, which managed to scale in a quick clip in FY21. Revenues rose to Rs 40 billion in FY21 compared to Rs 1.9 billion in FY20, according to the company’s financial statements filed with the RoC.

It’s worth noting that Airmeet was only up and running for a few months in FY20 and FY21 was its first full fiscal year. Unlike most early stage startups, Airmeet has been profitable since its first year of business. The profit was Rs 2.75 crore in FY21 and Rs 17 lakh in FY20.