Samaaro, the Bengaluru-based tech startup which provides an innovative virtual event platform, has raised $125,000 in an angel round of funding.
The angel investors who partook in the funding round are Richa Kar, Founder of Zivame; Naman Gupta, AVP of Swiggy; and Kedar Gavane, Senior VP of Comscore, along with senior executives from Google, Swiggy, Flipkart, High Radius, and Adda52.
The startup is planning to use the raised capital for boosting the product, increasing the team through important hires, and increasing its reach in the market.
Samaaro was founded in 2020 by Purnank Prakash, Mayank Banka, and Skandha Gopalan when the coronavirus destroyed the trillion-dollar events industry. It enables event organisers to host events virtually and connect with global audiences.
On the raised funds, Purnank Prakash, CEO and Co-founder of Samaaro, said, “Our main goal in this round was to onboard investors with robust background and diverse expertise along with fundraising. I am very happy that we could do that successfully.”
Ever since the pandemic started, there has been an increasing demand for virtual event platforms. The virtual event market is valued at more than $100 billion and is predicted to grow at a compounded yearly growth rate of 23.2% until 2027, which makes the market size $774 Bn.
About investing in Samaaro, Naman Gupta, Assistant Vice President of Swiggy, said, “The market potential for Samaaro is very high. I am ecstatic to onboard and join this company with their entire team and I am looking forward towards the huge success.”
Samaaro is also entering into the hybrid event market in the next few months, which is focusing on helping organisers host events that involve both live and virtual audiences.
Samaaro provides a platform for organisations to host over twenty types of large-scale virtual events, such as virtual expos, virtual trade fairs, virtual conferences, and virtual exhibitions for multiple sections. This startup’s platform has been used by international brands like Informa, Cisco, HSBC, Hitachi, Vodafone, etc.
Richa Kar, Founder of Zivame, said, “Purnank, Mayank, and Skandha are developing Samaaro with a very deep understanding of the event industry and its future transformation. Their vision and what they have done so far is extremely impressive and it is always inspiring to be a part of corporations founded by passionate, authentic people.”