Rocketium.com Technologies Pvt. Ltd, the video creation platform recently raised Rs 2 Crore ($ 300K) as seed funding round from Blume Ventures, the early stage-focused venture capital firm and several angel investors.
The additional investors include Raghunandan G., co-founder and former CEO of TaxiForSure, now acquired by Ola; Hari TN, who heads the human resource of online grocery store BigBasket; senior executives from Apple, Freshworks, Microsoft and SpaceX notably also participated in this funding round, the video creation platform mentioned in a statement.
Satej Sirur and Anurag Dwivedi, who were both former employees at TaxiForSure, founded Rocketium. The funds raised will serve the purpose of expanding the company’s global reach by hiring sales and marketing executives and building a machine intelligence team to improve the video creation process. Rocketium has its headquarters based in Bangalore registered revenues of Rs 1.5 crore in the previous fiscal year and aims generating Rs 6 crore worth of revenues this fiscal year.
“We want to complement our organic growth so far with global sales and customer acquisition channels. This seed round will augment our revenues and help us grow faster,” said Satej Sirur, CEO of Rocketium who was previously head of strategy and product management at TaxiForSure. Rocketium co-founder and Chief Business Officer Anurag Dwivedi was product manager during his association with the cab aggregator company.
Rocketium’s web-based software allows individuals to create professional-looking videos. Nowadays, videos accounts for 73% of the overall Internet bandwidth consumption and is set to reach 82% by 2021. This trend is especially driven by increasingly more affordable data and internet plans, especially in non-English speaking developing countries. The statement further added that Rocketium’s web-based video editing software is being used by over 62,000 media, commerce and non-profit organizations distributed across 85 different countries.
“Rocketium is solving a global problem by making information more accessible with videos,” said Karthik Reddy, managing partner at Blume Ventures.
Blume Ventures is one of the biggest Indian venture capital firms, specializing in investment in early stage startups, it already counts 80 active startups in its portfolio and has invested in over 110 firms since inception eight years ago.