In focus: Bolo Indya, a popular Indian social networking platform (Bolo Indya/Play Store)
Homegrown short videos sharing platform Bolo Indya has raised $400,000 in funding. The latest round of investment was led by Inflection Point Ventures. Existing investors from Eagle10 Ventures also participated in the round. With the latest funding, Bolo Indya has raised $1 million in funding to date.
Bolo Indya said that it would use the money to improve personalisation and recommendation engine, which will further help expand Bolo Meets. It will also focus on empowering content creators.
“Bolo Indya offers a unique proposition of Bolo Meets to its 2.8 million content creators to leverage their social capital across the user base of more than 6.5 million and have the followers do micropayments to avail one to one and one to many live video sessions with them around their expertise area,” the company said in its release.
“Content creators are already earning up to INR 60-70,000 per month from this initiative, with more than 50,000 bookings since the launch of Bolo Meets. Bolo Meets has emerged as a moat for Bolo Indya leading to high user engagement and creator retention and is also catching investors’ eyeballs. Top Bolo Meets categories include Astrology, Lifestyle, Fitness, Language Learning, Singing, Dancing, Standup Comedy and Instrument Learning,” it added.
In case you did not know, Bolo Indya had been founded in May 2019. It was one of the top Indian apps that saw massive traction after the ban on TikTok in India. It posted growth of 20-25% MoM before TikTok was banned in India. Immediately after the TikTok ban, the platform registered a spike of 200% growth.
Founder Varun Saxena recently revealed that the platform was registering a 150% growth MoM – a trend quite similar to what other Indian platforms such as Chingari have witnessed.