Bolo Indya becomes an alternative to Tik Tok. The Homegrown Short Form video app Bolo Indya plans to raise $ 6 million to $ 7 million to enhance the platform’s personalization, referral engine, and predictive analytics capabilities. A senior executive at the startup told Mint that they want to grow their team by 100% with a special focus on technology and e-commerce.
The startup is in extensive discussions with investors for funding and expects the deal to be finalized by March 2021.
Before this, Bolo Indya had raised Rs 6 crore in 2020 with three angel rounds.
India’s ban on Tik Tok has created a vacuum in the short video space, with many domestic platforms competing with each other and becoming the new home of the 200 million weird Tik Tok users in the country. Although Josh and Moj have been very successful in terms of user base and large fundraising, industry experts say brands on most Indian platforms are nowhere near Tik Tok and many brands are still skeptical of contact with them.
Bolomeets is a peer-to-peer engagement service that allows creators to connect directly with followers through live video sessions lasting longer than the 70-second time limit set for short videos.
“This allows creators to offer a personalized online service directly to their followers and to pay from the platform,” said Bolo Indya CEO Varun Saxena.
Bolomeets is currently used by over 10,000 creators, most of whom are native speakers of the local Indian languages of Hindi, Bengali, Tamil, and Telugu. Saxena expects this number to grow to more than one lakh creators by the end of March.
Founded in 2019, Bolo Indya has over 68 lakh active users per month. Although smaller in number than some of their rivals, Saxena is unfazed. “We are not just a social media platform, but a consumer-driven Internet company driven by customer-customer transactions,” he added.
Saxena said the way investors analyze these platforms will change in the next 9-12 months. There are platforms where users spend more time.
Improving the user experience with AI will be another important focus area for startups. Over the next 6 to 12 months, Tik Tok will be focusing on what it has to offer. But let’s not forget that Bit Dance is an AI company that came out of Tik Tok. It took them years to build such predictive models,” Saxena added.
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