Short Video App Bolo Indya Raises $400K From Inflection Point Ventures
The startup will use the funding to expand its P2P commerce service platform Bolo Meets and enhance tools for content creators, as well as strengthen the team.
Short Video App Bolo Indya Raises $400K From Inflection Point Ventures
- Bolo Indya is a short video app that allows users to create, watch, and share videos.
- The startup will use the funding to expand Bolo Meets and enhance tools for content creators.
- In August 2020, Bolo Indya raised $300K in a Seed round led by India Accelerator, Eagle10 Ventures, and Sunil Kamath.
Gurugram-based short video sharing app Bolo Indya has raised $400K (or about Rs 2.9 crore) in a funding round led by venture capital firm Inflection Point Ventures.
Existing investor Eagle10 Ventures also participated in the funding round.
The startup will use the funding to expand its P2P commerce service platform Bolo Meets and enhance tools for content creators, as well as strengthen the team.
In August 2019, Bolo Indya first raised $200K in an angel round led by ah! Ventures. Followed by in August 2020, It had raised $300K in a Seed round led by India Accelerator, Eagle10 Ventures, and Sunil Kamath.
Till date, Bolo Indya has raised over $900K in a total of three funding rounds.
Founded in 2019 by Varun Saxena. Bolo Indya offers a short video sharing platform where users can create, watch, and share videos. The platform allows content creators to earn money by accepting micro-payments from their followers.
To empower content creators, Bolo Indya had recently launched Bolo Meets for its 2.8 million content creators to leverage the platform user base of more than 6.5 million and earn money from their content.
Bolo Meets enables users to do ‘Micro-payments’ to one-to-one and one-to-many live sessions with creators focusing on their expertise areas.
Top Bolo Meets categories include Astrology, Lifestyle, Fitness, Language Learning, Singing, Dancing, Standup Comedy, and Instrument Learning.
The startup said that the content creators are already earning up to Rs 60,000-70,000 per month, from their content. More than 50,000 bookings have been made since the launch of Bolo Meets, said the startup.
Commenting on the development, Varun Saxena, Founder, Bolo Indya, said, “Short videos in local languages are expected to see the demand of over 80 million users by 2022, just fourth in line 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,” he added.
“Inflection Point Ventures will help Bolo Indya access a largely unexplored market base and expand its network ‘exponentially’ while enhancing the tech capabilities,” said Mitesh Shah, Co-founder, Inflection Point Ventures.
“We are building towards democratizing the talent and skill of every content creator out there who loves creating short videos across interest areas in their local languages,” said Varun Saxena.
Short Videos in local languages are expected to see the demand of over 80 million users by 2022, just fourth 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 user,” said Saxena.
Currently, Bolo Indya supports eight local languages — Hindi, Tamil, Telugu, Kannada, Bengali, Marathi, Malayalam, and Gujarati.
Source: INDIANSTARTUPNEWS
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