Gurugram-based user-generated content platform Bolo Indya on Tuesday announced that it has raised $300,000 Pre-Series A1 round of funding led by Eagle10 Ventures, India Accelerator and HNIs.
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. Sunil Kamath, ex-CBO of Sharechat and ex-SVP of Opera also participated in the round.
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. “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,”he added.
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 has 4.5 Million downloads and about 40 lakh monthly active users.
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.
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.”
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.