New Delhi, Dec 6 (IANS) Short video-content platform Bolo Indya on Sunday announced it has raised $400,000 (about Rs 3 crore) in fresh funding, taking its total raise to nearly $1 million to date.
Led by Inflection Point Ventures, the latest funding will help the startup enhance its personalisation and recommendation engine, further expand Bolo Meets and enhance tools to empower the content creators, it said in a statement.
Short videos in local languages are expected to see the demand of over 80 million users by 2022.
“This is where Bolo Indya wants to bring in video commerce for personalised online services to build a product which adds contextual value to the time spent on the internet by regional language users,” said Varun Saxena, Founder, Bolo Indya.
“We are building towards democratising the talent and skill of every content creator out there who loves creating short videos across interest areas in their local languages.”
The startup is offering 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.
Content creators are already earning upto Rs 60,000-Rs 70,000 per month from this initiative, with more than 50,000 bookings since the launch of Bolo Meets, the company informed.
“Their engagement-first approach and focus on high user retention clearly makes them stand apart from the clutter in short video space,” said Mitesh Shah, Co-Founder, Inflection Point Ventures.
Bolo Indya in October opened its peer-to-peer commerce service called Bolo Meets to a wider audience base after several months of testing with highly engaged creators.