[Funding alert] Content platform Bolo Indya raises $300K pre-series A1 round
User-generated content platform Bolo Indya said the fund will be used to enhance personalisation and recommendation engine, develop language evangelists and strengthen the team.
Gurugram-based user-generated content platformon Tuesday announced that it has raised $300,000 Pre-Series A1 round of funding led by Eagle10 Ventures, India Accelerator and HNIs. Sunil Kamath, ex-CBO of and ex-SVP of Opera also participated in the round.
With this round of funding the company's total fund sums up to $500,000. The fund will be used to enhance personalisation and recommendation engine, develop language evangelists and strengthen the team, broaden and accelerate product development.
According to the company release, Prashant Pansare from Eagle10 has joined the Board of Directors.
Commenting on the announcement Prashant Pansare, Co-Founder, Eagle10 Ventures said,
“There is an exploding trend of short videos consumption. I am very confident of Varun and the team's understanding and execution ability for what is a massive opportunity to build a product which would add significant value to the journey of local language internet user.”
Founded by Varun Saxena, Bolo Indya is a UGC short videos app, enabling users to create two-minute videos sharing their knowledge, experience and opinions across interest areas, and taking the videos to the local language audience who share similar interests.
“We are on a mission to leverage the power of short videos, peer to peer commerce and network affect to empower every content creator of Bharat to go viral in the shortest span of time and be able to monetise by leveraging the social capital", said Varun.
He added, "We are working towards building a daily use case for local language short videos consumption and see ourselves to be on at least one smartphone of every Indian household with a non-English user within the span of next 18 months.”
Currently the app has over 40 lakh monthly active users across Playstore and OEM appstores. It offers short video creation, consumption and knowledge networking in 12 Indian Languages – Hindi, Tamil, Telugu, Bengali, Malayalam, Gujarati, Marathi, Odia, Punjabi, Bhojpuri, Haryanvi and Kannada.
Edited by Javed Gaihlot