Short video format application founded by Varun Saxena Bolo Indya has raised $300k funding from Eagle10 Ventures, India Accelerator Group, and others, making their total funding raised to date $500k.
The company plans to use the freshly raised capital to enhance the platform’s personalization and recommendation engine while working on developing its language evangelists and strengthening the team.
After the ban of TikTok in India, many short video format companies have seen a rise in their usage as TikTok alternatives, including platforms like Roposo, Moj, Mitron and Chingari, close competitors of Bolo Indya.
As reported by ET (1), Varun Saxena, founder at Bolo Indya, talked about the development and said,
“We are working towards building a daily use case for local language short videos consumption & see ourselves to be on at least 1 smartphone of every Indian household with a non-English user within the span of next 18 months.”
Bolo Indya is currently available in over 12 languages, including Hindi, Tamil, Telugu, Bengali, Malayalam, Gujarati, Marathi, Odia, Punjabi, Bhojpuri, Haryanvi and Kannada.
The short video platform currently has over 40 lakh monthly active users across Playstore and has added over 15 lakh videos that are being created on a regular basis since June 2020.
The video platform allows its users to create short video content of a maximum of 2 minutes on its platform across areas ranging from lifestyle, cooking, entertainment, talent, tech, storytelling, etc. Users can also interact with content creators and others sharing similar interests.