Homegrown passion economy driven short video platform, Bolo Indya is in advanced talks to raise nearly USD6 million- USD7 million by March 2021, through new and existing investors.
The raised funds will be used to further enhance the platform’s personalization and recommendation engine and predictive analytics capabilities including Bolo Meet’s experience, penetration,
and interactive tools to strengthen content commerce and content monetization capabilities.
The company is also planning to strengthen its workforce by 100% and is looking to hire talents for various roles including technology, e-commerce, and business. Bolo Indya will also set up a certain part of these funds that will be used for celebrity influencer onboarding and other growth strategies.
Bolo Indya had recently raised a Pre Series A1 round of $400,000 from Inflection Point Ventures.
Investors’ interest in Bolo Indya comes at a time when the market is scrutinizing the content sharing platforms basis their performance in terms of user engagement and implementing innovations to drive creators and customer stickiness.
Bolo Indya has been successful in catching investors’ eyeballs for its newly launched proposition – Bolo Meets, which are online sessions to deliver personalized online services through one to one or one to many video chat groups by content creators to their follower base. Thich has attracted a large number of creators to monetize their content via the Bolo Indya platform; in line with the passion is driven creator economy.
Launched by Bolo Indya in May 2020, Bolo Meets has witnessed an exponential growth in just 8 months and currently has over 10,000 creators across languages with astrology, fitness, language learning, music instruments, motivational talks, and personal finance being the top categories where creators are monetizing their content services.
Varun Saxena, Founder and CEO Bolo Indya said
"We are already getting a sticky frequency of transactions per week on the platform. Bolo Meets will be defined by strong retention and a strong growth rate, and will contribute towards enabling content-based commerce services for the nation. Our journey has only got sweeter with the market potential, differentiated platform capabilities coupled with experience and expertise in terms of a great team. We all have a strong belief in the potential and impact of Bolo Meets, investors, partners, and influencers who back us with all the trust as we propel towards having more than 1 million content creators delivering Bolo Meets in the next 12 months with over 10 million transactions."
Bolo Indya had earlier also raised $500,000 Funding from Eagle10 Ventures, India Accelerator, X- SharChat’s Chief business officer, Sunil Kamath, and other HNIs from India and the USA.