Homegrown passion economy-driven short video platform Bolo Indya is in advanced talks to raise nearly Rs 45-51 crore ( $6 million to $7 million) by March 2021. The latest round will see participation from both new and existing investors. Bolo Indya is owned and operated by SynergyByte Infotainment.
The proceeds from the fresh funding will be used to further enhance Bolo Meet’s personalisation and recommendation engine and predictive analytics capabilities including Bolo Meet’s experience, penetration, and interactive tools to strengthen content commerce and content monetisation capabilities.
The company is also planning to strengthen its workforce by 100% and is looking to hire talents for various roles including technology, e-commerce, and business. Bolo Indya will also set up a certain part of these funds that will be used for celebrity influencer onboarding and other growth strategies.
Bolo Indya had recently raised a Pre Series A1 round of $400,000 from Inflection Point Ventures. In August 2020, the platform had raised $500,000 Funding from Eagle10 Ventures, India Accelerator, X- SharChat’s Chief business officer, Sunil Kamath, and other HNIs from India and the USA.
Bolo Indya Founder and CEO Varun Saxena said "We are already getting a sticky frequency of transactions per week on the platform. Bolo Meets will be defined by strong retention and a strong growth rate, and will contribute towards enabling content-based commerce services for the nation. Our journey has only got sweeter with the market potential, differentiated platform capabilities coupled with experience and expertise in terms of a great team. We all have a strong belief in the potential and impact of Bolo Meets, investors, partners, and influencers who back us with all the trust as we propel towards having more than 1 million content creators delivering Bolo Meets in the next 12 months with over 10 million transactions."
Bolo Indya claims that Bolo Meets is attracting a large number of creators to monetise their content via the Bolo Indya platform. Bolo Meets are the online sessions to deliver personalised online services through one to one or one to many video chat groups by content creators to their follower base.
It is an innovatively built engagement led discovery model which allows consumers to first engage with the high-quality content of the content creators, engage with their content, and eventually discover and avail their services on the platform. Consumers do micropayments on pay per use model to avail these services by the creators they trust and have already engaged with, across different interest genres.
Launched in May 2020, Bolo Meets currently has over 10,000 creators across languages with astrology, fitness, language learning, music instruments, motivational talks, and personal finance being the top categories where creators are monetizing their content services. Creators' monthly income has also jumped by 200% to Rs. 70k-1 lakh per month by monetizing their specialized skill-based content services.
Bolo Indya has amassed over 68 lakh monthly active users across Android, iOS, and OEM Appstore with over 28 lakh creators creating close to 20 lakh videos on a daily basis since its launch in May 2019. The platform is already present in over 14 languages with good penetration in tier 1/2/3 and 4 cities.
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