Launched in April 2019 by Sanket Shah and Harsh Vakharia, the company allows users to create professional-quality videos using its templates, images, and music. These videos can then be customised for various social media platforms like Facebook, Instagram, and YouTube among others.
InVideo offers this platform on a freemium model, with paid plans starting at $10 per month and going up to $30 per month on an annual billing cycle.
“We have a single goal: to replace the current crop of cumbersome and expensive video editing software with an intelligent, yet flexible platform. InVideo cuts the time to create a professional quality video by over 90%, and allows the creator to focus on impact and message,” said InVideo cofounder and chief executive Sanket Shah.
The company plans to use the funds raised to build out its collaborative, cross-device video creation suite as well as accelerate product development to help more individuals and businesses create videos that fit their needs.
InVideo claims it has over 800,000 users from more than 150 countries who have created videos in over 75 languages. Among its customers include Procter & Gamble, Dropbox, Reuters, and AT&T.
“We believe the global SaaS companies of tomorrow are going to be built from India. And with their stellar product, design, and tech capabilities, InVideo is well-placed to become the platform of choice for video creation in a potentially $10 billion market,” said Prateek Sharma, vice-president, Sequoia Capital India.
Earlier this year, InVideo had raised $2.5 million funding from Sequoia’s Surge, along with angel investors like former Facebook executive Anand Chandrasekaran, Product Hunt founder Ryan Hoover, Snapdeal founder Kunal Bahl, DoorDash executive Gokul Rajaram, True North’s Haresh Chawla, and Cred’s Miten Sampat among others.