Social live-streaming platform Bolo Live raises $2.4 million
The funds will be used to accelerate the product development, strengthen the team & accelerate penetration in both India and South Asia markets
Bolo Live, which is on a mission to build the largest social live-streaming platform out of India, has raised $2.4 million as a precursor to Series A, led by Orios Venture Partners. SOSV, Tremis Capital, LPA Ventures, and other HNIs also participated in its first VC round including existing investors Eagle 10 Ventures. This takes the total raise by the company to $3.5 million till date.
Launched in May 2019, Bolo Live straddles the unique amalgamation of live-streaming, gamification, and microtransactions. They empower content creators to leverage the power of active engagement of live-streaming and help democratize the monetization for content creators. Bolo Live empowers fans to connect, live chat, engage with and build communities with their favourite live streamers in their preferred languages.
The newly raised funds will be used to accelerate the product development, strengthen the team and accelerate penetration in both India and South Asia markets. Co-founded by second-time entrepreneur and NITIE alumnus Varun Saxena, and Delhi University alumna Tanmai Paul; Bolo Live recently had ex Co-Founder Pratilipi and BITS Pilani alumnus Prashant join the Bolo Live team as CTO.
Commenting on the announcement, Bolo Live Co-founder and CEO Varun Saxena said, “We are delighted to have Orios Venture Partners join us as our first institutional investors in our journey to build a large social live-streaming platform out of India. Their experience with world-class startups from India shall help us accelerate our path towards making Bolo Live a household name.”
“With the world looking at Indian content creators, there is no better time than this to build a microtransactions driven creator economy platform in India. We have witnessed high stickiness, driven by gamification and communities, and look forward to creating more value for all our users. We strongly believe that we are as good as the growth of live streamers on the platform, and hence we will continue to innovate on more monetization opportunities for our content creators and keep bringing them closer to their fan base,” he added.
Commenting on the development, Orios Venture Partners Managing Partner Rehan Yar Khan said “There is an accelerating trend of live-streaming and content commerce in India. Bolo Live team’s understanding, enthusiasm, the way they have built differentiation and are scaling it up in this competitive environment, drove our decision to invest in the brand. Their engagement first approaches and focus on high user retention clearly makes them stand apart in the growing social live-streaming segment."
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