Indian short-video platform Bolo Indya has received funding worth $400,000 from Inflection Point Ventures. Existing investor Eagle10 Ventures also participated in the round. The start up has now grabbed a decent total of $ 1 Million till date, including this investment.
Funds raised will be used to foaster personalization and recommendation engine, to further expand Bolo Meets and enhance tools to further empower the content creators during Bolo Meets sessions.
Founded by Varun Saxena, Bolo Indya is a user-generated content platform. The company claims that it empowers Indians with a platform to raise their voice, share their opinion, learning and experience. The startup has been on-boarding a lot of content creators with more than two million followers count. The social media platform rides on the regional language content creators. Currently, around 42 per cent of the content on the platform are in Hindi, followed by 16 per cent in Tamil, 17 per cent in Telugu and 10-11 per cent in Bengali.
Varun Saxena, founder of Bolo Indya said, “Short videos in local languages are expected to see the demand of over 80 million users by 2022, just 4th to Youtube, payments and e-commerce. This is where Bolo Indya wants to bring in video commerce for personalized online services to build a product which adds contextual value to the time spent on the internet by regional language users.”
The short-video platform boasts of 65 lakh monthly active users with 33 lakh daily active users and over 15,00,000 videos being created daily. Some of their top creators are earning in the range of INR 60- 70,000 monthly average already on the platform.
The startup offers Bolo Meets to its 2.8 million content creators to leverage their social capital across the user base of more than 6.5 million and have the followers do micropayments to avail one to one and one to many live video sessions with them around their expertise area.
Commenting on the investment, Mitesh Shah, co-founder, Inflection Point Ventures, said, “There is an exploding trend of short video consumption and content commerce in India. I am very confident of the team’s understanding and the way they have built differentiation around Bolo Meets and are scaling it up. Their engagement first approach and focus on high user retention clearly makes them stand apart from the clutter in short video space. IPV,with its vast Investor base of CXOs from diverse industries including Media & Entertainment, will help BoloIndya access a large unexplored market base and expand its network exponentially while enhancing the Tech capabilities as well.”