Indonesia’s media and tech conglomerate Emtek Group‘s video-on-demand (VOD) platform Vidio has grown rapidly during the COVID-19 pandemic and is now open to securing external funding, a top executive recently told DealStreetAsia.
Backed solely by Emtek, Vidio claims to have grown the number of its active users by 1.5x to approximately 60 million by the end of last year. In Q1 2021, Vidio was the most downloaded app among peers such as WeTV, Viu, iflix (now owned by WeTV) and iQiyi, according to App Annie.
While mostly relying on ads for revenues, Vidio’s subscription model also pits it against global brands operating in Indonesia. As of January, Vidio had the third-largest number of paying subscribers at 1.1 million, behind Disney Plus Hotstar (2.5 million) and Viu (1.5 million), according to Media Partners Asia.
Subscription video firms have seen a surge in new user acquisition during the pandemic, with new users making up 38% of total subscribers in 2020, according to a Kantar study referenced by Google, Temasek and Bain in the e-Conomy SEA 2020 report.
In line with the rising demand for VOD services, two-year-old online video editing startup InVideo raised $33.2 million in Series B round last week from a group of investors led by San Francisco-based Greenoaks Capital, data collected by DealStreetAsia’s DATA VANTAGE shows.
The round also saw the participation of existing investors, namely Sequoia Capital India, Hummingbird Ventures, Tiger Global and Base Ventures.
Launched in April 2019 by Sanket Shah and Harsh Vakharia, the InVideo app uses artificial intelligence to assist app users in creating videos by dragging and dropping content from a library of templates, videos, and photos.
As of last year, the company said it had over 800,000 users in more than 150 countries.
Other snippets from DATA VANTAGE
Singapore-registered Achilles Systems, which operates Indonesian regulatory tech app OnlinePajak, secured $12 million in a funding round last week led by Tencent Holdings and Altos Ventures. Southeast Asia’s largest market is home to over 19 million registered individual and corporate taxpayers but had a 59% compliance rate as of last year.
Data collaboration platform Atlan secured $15.9 million in a funding round led by Grace Software Holdings. Other investors include Surge Ventures and Vistra ITCL Limited. The new capital brings the total investment in Atlan to $21.3 million and its post-money valuation to $100.9 million, our data shows.
B2B sales productivity startup Nektar.ai secured more funding last week led by Nexus Ventures, B Capital and Vistra ITCL Limited, bringing capital secured so far in 2021 to $5.8 million. The startup, which was founded in 2020 by Abhijeet Vijayvergiya and Aravind RS, provides an AI-based sales productivity platform.
Carbon trading platform AirCarbon secured $500,000 from Redshaw Advisors Exchange Holdings LLP last week as the company looks to expand into the MENA region. AirCarbon was launched in 2019 by co-founders Thomas McMahon and William Pazos.
Falcon Edge Capital increased its stake in Indian e-commerce startup Moglix last week via a secondary transaction. Moglix has amassed $121 million in fresh capital this year, more than doubling its total funding to $201.4 million. The company was last valued at $819.1 million.
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