Short Video app, Bolo Indya has secured $400k in fresh round of funding. Inflection Point Ventures participated in the latest round of the Gurugram-based platform along with existing investor Eagle10 Ventures.
With this, the homegrown networking platform has raised $1 million till date. It plans to expand ‘Bolo Meets’ and improve its tools for content creators with the help of the funds raised.
“Short videos in local languages are expected to see the demand of over 80 Mn users by 2022, just fourth in line to Youtube, payments and ecommerce. This is where Bolo Indya wants to bring in video commerce for personalized online services to build a product that adds contextual value to the time spent on the internet by regional language users” – stated Varun Saxena, founder of Bolo Indya.
Mitesh Shah, cofounder, Inflection Point Ventures, said – “There is an exploding trend of short video consumption and content commerce in India. Their engagement first approach and focus on high user retention clearly makes them stand apart from the clutter in the short video space.”
Bolo Indya allows users to create and consume short videos of maximum duration of 2 minutes across interest areas ranging from lifestyle, cooking, entertainment, talent, technology, storytelling, motivation, finance, relationships and sports among others. Users can interact with content creators as well as others who share similar interests within the same language.
The company claims to have 28.8 lakh daily active users with 29.9 lakh users created videos. Due to the ban of the Chinese app by the Indian government, Bolo Indya has witnessed a rise in its customer base from 4.8 lakh monthly active users to 32.3 lakh monthly active users.
Bolo Indya currently offers short videos creation, consumption and knowledge networking in 12 Indian languages – Hindi, Tamil, Telugu, Bengali, Malayalam, Gujarati, Marathi, Odia, Punjabi, Bhojpuri, Haryanvi and Kannada.
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.