Indian cricketer Rishabh Pant during a training session ahead of the first Test cricket match against Bangladesh, at M A Chidambaram Stadium, in Chennai, Monday, Sept. 16, 2024.
Credit: PTI File Photo
New Delhi: Online software marketplace TechJockey.com on Thursday said cricketer Rishabh Pant has picked up 2 per cent stake in the company for Rs 7.40 crore.
Techjockey.com, founded in 2017 by former Zomato Vice President Akash Nangia and his college friend ex-McKinsey executive Arjun Mittal, connects software vendors with small businesses across India, a company statement said.
Earlier this year, the company expanded its operations into the US market.
The fresh capital was raised at a valuation of Rs 370 crore (approximately $44.17 million), with Pant acquiring a 2 per cent stake in the company as part of the deal, Nangia said in the statement.
This valuation reflects command with which Techjockey secured investment a few months back from Forcepoint global CEO Manny Rivelo earlier this year, it stated.
According to Pant, investing in diverse businesses requires a conscious understanding and his experience in professional sports influenced his decision.
"In cricket, having the right technology for live streaming, commentary, and DRS is crucial. You need the right tools to make quick, smart choices. I've seen how much the right software can help a business grow efficiently, so investing in TechJockey.com made sense to me," he said.
Highlighting the rise of Software-as-a-Service (SaaS) firms, Pant added, "I really like how SaaS companies operate, and I see great potential in that concept."
Nangia shared his excitement about Pant's investment, "Having Rishabh on board is a significant win for us, not only because of his stature as a cricketer but also due to his deep understanding of business."
Nangia stated that the new funding will be directed toward scaling up marketing initiatives, expanding the company's presence in the US, and increasing the number of sellers on its platform globally.
He further said that Techjockey achieved a revenue of approximately Rs 125 crore in the financial year 2023-24 and aims to reach Rs 170-180 crore in FY25.
Out of the Rs 125 crore revenue for FY24, around Rs 7-10 crore was generated through ad sales, while the rest came from margins charged to sellers on the platform.
Techjockey.com has over 500 software categories available on its platform, serving more than 5 lakh businesses monthly.