Chingari app crosses 30 million downloads in 3 months
The short-video sharing platform last week signed a music licensing agreement with T-Series.
Gurugram-based short-video platform Bolo Indya on Sunday announced it has raised $400,000 (about Rs 3 crore) in fresh funding from Inflection Point Ventures. Existing investors from Eagle10 Ventures also participated in the round.
The latest infusion, Bolo Indya has raised $1Mn till date. It will help the startup enhance its personalisation and recommendation engine, further expand Bolo Meets and enhance tools to empower the content creators, it said in a statement.
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The platform claims to have 6.5 Mn users and is amongst the many Indian platforms trying to fill the void left by Chinese apps, TikTok, Snack Video and more being banned in India. The platform allows content creators to earn money for their content by accepting micropayments from their followers.
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Short videos in local languages are expected to see the demand of over 80 million users by 2022.
“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,” said Mitesh Shah, cofounder, Inflection Point Ventures.
Content creators are already earning upto Rs 60,000-Rs 70,000 per month from this initiative, with more than 50,000 bookings since the launch of Bolo Meets, the company informed.
“Their engagement-first approach and focus on high user retention clearly makes them stand apart from the clutter in short video space,” said Mitesh Shah, Co-Founder, Inflection Point Ventures.
Bolo Indya in October opened its peer-to-peer commerce service called Bolo Meets to a wider audience base after several months of testing with highly engaged creators.
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