Rishabh Pant Invests INR 7.40 Cr in Software Aggregator Platform Techjockey
- ByStartupStory | September 18, 2024
Indian cricketer Rishabh Pant has made a significant move in the startup ecosystem by investing INR 7.40 Cr (approximately $0.88 Mn) in Techjockey, a software aggregator platform that connects vendors with small businesses. This marks Pant’s entry into the growing trend of sportspersons backing startups.
Techjockey’s co-founder, Akash Nangia, shared the news with Inc42, stating that the capital infusion was raised at a post-money valuation of INR 370 Cr (about $44.17 Mn), with Pant acquiring a 2% stake in the company.
The valuation comes at a nearly 10% discount from the INR 410 Cr valuation at which Techjockey raised an undisclosed amount of capital from Forcepoint global CEO Manny Rivelo earlier this year.
Nangia outlined the company’s plans for the fresh funding, saying, “The fresh funds will be utilised to scale up marketing efforts, expand its US presence, and onboard more sellers to its platform globally.”
Techjockey’s Growth and Expansion
Founded in 2017 by former Zomato executive Akash Nangia and former McKinsey executive Arjun Mittal, Techjockey has rapidly established itself in the Indian market, serving over 3.5 lakh businesses across the country. The platform boasts more than 500 software categories and has partnered with over 3,000 software and tech brands, including giants like Microsoft, Adobe, AWS, Keka, Freshworks, and myBillBook.
The startup ventured into the US market earlier this year as part of its global expansion strategy. Nangia revealed that Techjockey earned INR 125 Cr in revenue during the financial year 2023-24 (FY24) and is targeting a revenue of INR 170-180 Cr in FY25. Of the INR 125 Cr revenue in FY24, around INR 7-10 Cr came from ad sales, while the remaining was generated through margins charged to sellers.
“Lead management, accounting, and security software are among the most lucrative categories in terms of revenue,” Nangia added.
Competitive Landscape and Enterprise Tech Growth
Techjockey faces competition from established players such as Capterra, Software Advice, G2.com, and Gartner in the software review and comparison sector. As Indian businesses increasingly embrace technology to automate and optimise their operations, enterprise tech startups like Techjockey are seeing heightened demand from clients and investors alike.
India’s enterprise tech ecosystem has witnessed substantial growth, comprising over 1,261 startups and 22 unicorns, including Postman, Freshworks, and BrowserStack. Between 2014 and the first half of 2024, the SaaS sector in India secured a cumulative funding of $16 Bn across 1,847 deals.
Sportspersons Investing in Startups
Rishabh Pant joins the growing list of Indian sports personalities investing in startups. Just last month, Indian cricketer KL Rahul invested in D2C men’s lifestyle brand Metaman, while South African cricketer AB De Villiers backed Indian supplement brand Supply6 in July. Earlier this year, cricketer Shreyas Iyer invested in the healthtech platform Curelo.
Other prominent sportspersons like Sachin Tendulkar, Virender Sehwag, Sourav Ganguly, Neeraj Chopra, and Hardik Pandya also supported various Indian startups in 2023, reflecting a broader trend of athletes turning to entrepreneurship and investments.
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