Short video app Bolo Indya has raised $300,000 investment from Eagle10 Ventures, India Accelerator Group and high net worth individuals.
This has taken the total raise by the company to over $500,000 till date. The new funds will be used to enhance personalization and recommendation engine, develop language evangelists and strengthen the team.
After India banned Chinese short video platforrm TikTok in June, Indian rivals including Bolo Indya, Roposo, Moj, Mitron and Chingari have seen accelerated downloads.
Bolo Indya currently offers short videos creation, consumption and knowledge networking in 12 Indian Languages – Hindi, Tamil, Telugu, Bengali, Malayalam, Gujarati, Marathi, Odia, Punjabi, Bhojpuri, Haryanvi and Kannada.
“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,” said Varun Saxena, Founder, Bolo Indya.
Prashant Pansare from Eagle10 has joined the Board of Directors. Mr. Sunil Kamath, ex-CBO of Sharechat and ex-SVP of Opera also participated in the round.
Bolo Indya said it has currently has over 40 lakh Monthly Active Users across Playstore and OEM Appstores. It added over 15 lakh videos are being created on a daily basis on Bolo Indya since June 2020.
Bolo Indya allows users to create and consume short videos of maximum duration 2 minutes across interest areas ranging from Lifestyle, Cooking, Entertainment, Talent, Technology, Storytelling, Motivation, Finance, Relationships to Sports and many more.
Users can interact with content creators as well as others who share similar interests within the same language.