Alibaba has decided to take a bet on India’s fast-growing video analytic market after the Chinese giant along with Times Internet infused $2.11 Mn (15.08 Cr) in video intelligence startup Vidooly.
According to Vidooly’s latest filing with Ministry of Corporate Affairs (MCA), the Delhi based company raised the series C round by issuing Cumulative Convertible Preference Shares (CCPS) to Times Internet and Alibaba (Netherlands) BV. Alibaba took bulk of the CCPS allotment by picking up 4,596 CCPS for $2 Mn while Times Internet picked up rest of the CCPS for $99.7K (INR 71 Lakh).
Online startup portal INC42 has claimed that this funding spearheaded by Alibaba and Times Internet is part of the larger funding round and therefore more funding rounds can be expected for Vidooly in coming months.
Incorporated in 2014 by three young entrepreneurs, Vidooly is an online video intelligence platform built for media companies and agencies that want to leverage the power of video production. The startup counts big names like TVF, OML, VideoGyan, GroupM and Mindshare among its clients.
Vidooly claims that thanks to its intelligence platform, companies get a much better insight into their target customer’s choices and gauge loopholes in their video production.
Startups like Vidooly are trying to tap into India’s highly lucrative video analytics market. According to rough estimates, the market is estimated to grow at 21.5% CAGR between 2018 and 2023, reaching from $3.23 Bn to $ 8.55 within the span of five years. This growth will be further aided by other conducive factors like increasing adoption of the Internet of Things (IoT) and Big data.
However, Vidooly is not alone in the fray to seize the market share in the video analytics market. The market is immensely crowded as there are several more players in the fray, some of the prominent one being Duranc Inc, Emza Visual Sense, Uncanny Vision Solutions Pvt. Ltd and Corseco.