Mitron, the Indian short-form video app, announced that it has raised $5 million in funding led by Nexus Venture Partners. Existing investors 3one4 Capital and Arun Tadanki’s private syndicate on LetsVenture also participated in the funding round.
Several notable angles and entrepreneurs like Deep Kalra, Founder and Chairman MakeMyTrip; Anand Chandrasekharan, Former Facebook executive; Karan Bajwa, MD, Google Cloud India; Radhika Ghai, Co-founder, ShopClues; Jiten Gupta, Founder, Jupiter; Shanti Mohan, Founder, LetsVenture; Amrish Rau, CEO, PineLabs; TK Kurien, Premji Invest; Manish Vij, and Harish Bahl, Smile Group also participated in their individual capacity.
Mitron will use the funding for product development, increasing user engagement, and for talent acquisition. Also, the company has plans to take onboard a network of content creators and invest in the platform’s brand.
Arun Tadanki said in a press statement, “Mitron has been making rapid progress in establishing itself as the primary choice in the short-form video space and therefore, we are doubling down on our investment”
Shivank Agarwal, Founder and CEO of Mitron, said in a press statement shared by the company, “We are thrilled to have Nexus Venture Partners join us in this journey, bringing in deep expertise of helping their portfolio companies build great products. We are committed to building Mitron as a world-class product that is designed for Indian users, by re-imagining digital entertainment and engagement.”
Founded in 2020 by Anish Khandelwal and Shivank Agarwal, Mitron allows users to create, view, upload, and share short videos. Also, the company claims to have over nine billion video views per month.
Pratik Poddar, Principal at Nexus Venture Partners, said in a release, “Shivank and Anish are product-first, deep-tech and very iterative entrepreneurs. We have been tracking them for three months and loved the way they have evolved their thinking around content creation, community management, and video delivery. We love backing ‘product and tech-first’ entrepreneurs. We believe eventually the best product with long-term thinking will win. Focus is to create a high engagement and high retention community. Then only you can be long term partners for creators.”
Anish Khandelwal, Founder and CTO, said “We have been rapidly improving our product experience and with this funding round, we plan to invest further in hiring top notch product and engineering talent that will help us build a world-class platform that can scale seamlessly.”
Anurag Ramdasan, Head of Investments at 3one4 Capital, said, “Shivank and Anish have built an impressive product together that we decided to back when they had just launched on the Play Store. Since then, the growth of the product as well as the team has been inspiring. The differentiated, long term thinking demonstrated by the founding team has led us to continue believing in them. We are excited to continue our work with the company to help build the next evolution of video engagement out of India.”
–AN
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