Gurgaon, India-based professional networking startup Metvy has secured an undisclosed amount in a pre-Series A funding round held in December 2020, from HostelFund.
Proceeds from the funding round will be used by the startup into developing its app to make it more meaningful and effective for networking and guidance for the younger group of the population.
Founded in 2018 by Shawrya Mehrota and Rajan Luthra, both of whom graduated from the renowned Delhi University this year (2020), Metvy is an artificial intelligence-driven networking platform for individuals and organizations which aims to deliver a seamless end-to-end networking experience to its users. By using geospatial trends, it sends users a notification whenever they come in contact with any other user in their neighbourhood who might be able to fulfil their needs. This way, they can connect with the right individual, at the right time. Whether for job prospects, investor meetings or even getting a cup of coffee with a person sharing similar interests, Metvy is the one-and-only destination for it all. The startup utilizes the unlimited human potential present hyper-locally through an automated instinctive platform that provides requirement-based networking where people can find like-minded people around them.
The Metvy app is available on both Android and iOS devices. As said by the company, the total market size for networking is about US$269.4 billion while the addressable segment for them is around US$13.4 billion. The founders believe that only a small fraction of the mobile internet population use existing networking platforms giving them a chance to enter into the youth segment, particularly in the Tier-II and beyond cities.
Shawrya Mehrotra said networking with relevant professionals is a boring and time-consuming task, especially for youngsters. The startup intends to remove the barrier of language in the domain of professional networking, and expand its reach to groups of not only working professionals but students and educational institutes as well, in order to help them showcase efficient professional networking skills from the beginning. He concluded by saying that apart from multilingual capability, the app will also feature job listings.
Ankur Jain, founder of HostelFund commented on the investment saying very few platforms or angels invest in young and passionate student startups. HostelFund, being one of its kind in India, justly believes that students should consider entrepreneurship as an initial career choice.
As part of its upcoming plans, Metvy aims to grow its revenue model apart from monetizing other use cases on the app with a target of 100K active user base in the next 12 months. It will also plan on integrating cutting-edge artificial intelligence features for more in-built networking and improving the user experience.
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