Playtoome Gets Foreign Funding From SOSV Post Investor Rachit Chawla’s Initial Funding Support
New Delhi, December 14, 2019: SOSV, a leading early-stage venture capital firm, has invested in Playtoome, a company that is into technology-enabled live performance, entertainment and consumer engagement platform. The venture capital firm organized a roadshow (for what) where they invited Playtoome and its early-stage funder Mr Rachit Chawla, founder and CEO, Finway and Director, Finance & Technology, Risers Accelerator, for the roadshow that took place in New Delhi. The purpose of the roadshow was to announce their first investment in India starting with Playtoome explaining the potential that the past decade has witnessed with Indian startups.
Ecstatic about Playtoome getting support from SOSV that currently manages a fund of US$550 million in assets under management with a focus on seed and early-stage investments, Mr Chawla said, "I do not restrict myself to any particular industry or sector. I want to accelerate start-ups that have good business potential. And the way Playtoome is getting the attention of international investors is proof that the kind of potential Indian startups has and that we should support them in every possible way. It is like watching your child grow and getting happy to see its big strides."
SOSV is the #5 Most Active Seed and Angel Investor in the world and #4 in Blockchain and #3 in AI according to TechCrunch CrunchBase. Playtoome is targeting to be USD 50 million business and 5 million unique customers in the next three years. Playtoome’s model involves enlisting music enthusiasts on its platform and based on their requests and preferences, delivering a whole new experience to them in an interactive manner. “Playtoome was launched with a singular vision – to transform the live entertainment space by connecting audiences with their favourite artists through technology and enabling more interactive and immersive live entertainment experiences. Rachit Chawla was the first one to perceive our growth and trusted us with angel funding, thanks to him that we are now getting further funding that will help in giving a boost to our vision,” S Keerthivasan, Founder and CEO of Playtoome said.
Rachit Chawla being a firm believer in supporting potentially equipped startups have also helped in funding other unique ventures and was a part of the funding process of startups like Sprout Studios (into Animation, VFX), Cosmeto Food (eatable organic cosmetic products) and Zeleno (reverse vending machines) with Playtoome (tech-enabled entertainment platform). And sees the same precedented expansion for each of his supported ventures.