India’s software industry has long been a focal point of attention, drawing interest from tech enthusiasts, celebrities, and cricket stars alike. Recently, a new player has entered the tech scene: Team India’s wicketkeeper-batter, Rishabh Pant. Known for his prowess on the cricket field, Pant has now turned his attention to the world of technology.
Pant’s New Tech Investment
Rishabh Pant has made headlines with his recent investment in TechJockey, a prominent software marketplace. According to recent reports from TechJockey, Pant has acquired a 2% stake in the company, valued at approximately INR 7.40 crore. This move highlights a growing trend among Indian cricketers who are diversifying their portfolios by investing in various industries.
Company Background
TechJockey was established in 2017 by Akash Nangia, a former Vice President of Zomato, and Arjun Mittal, a former McKinsey executive and college friend of Nangia. The company’s mission is to connect software vendors with small businesses across India. Earlier this year, TechJockey expanded its reach to the United States, signaling its growing influence in the global market.
In a statement reported by the Economic Times, Nangia noted that the recent capital injection valued TechJockey at INR 370 crore (approximately USD 44.17 million), with Pant’s acquisition of a 2% stake being a key part of this deal.
Pant’s Perspective on Investment
Rishabh Pant shared his perspective on why he chose to invest in TechJockey. He highlighted the importance of advanced technology in cricket for aspects like live streaming and decision review systems (DRS). Pant expressed confidence that the right software tools can significantly enhance business efficiency, which influenced his decision to back TechJockey.
“I’ve observed firsthand how essential good software is for smooth operations and growth. My interest in SaaS companies comes from seeing their potential and effectiveness,” Pant explained.
Positive Outlook for TechJockey
Akash Nangia, the Vice President of TechJockey, praised Pant’s investment, describing it as a major asset for the company. Nangia emphasized Pant’s keen business sense and how his involvement is expected to drive growth, especially in the US market and among global sellers.
“Rishabh’s involvement is not only a victory due to his cricketing fame but also because of his profound understanding of business,” Nangia stated.
Financial Performance and Future Goals
For the fiscal year 2023-2024, TechJockey reported revenues of INR 125 crore. The company aims to increase this figure to INR 170-180 crore in the upcoming fiscal year 2025. In addition to revenue from sales, TechJockey has also earned between INR 7-10 crore from advertisements. The company supports over 500 categories in its software catalogue and serves approximately 500,000 businesses.
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This strategic investment and the company’s expanding operations mark an exciting chapter for TechJockey, with Rishabh Pant’s backing likely to fuel further growth and success.