Indian short video sharing network Bolo Indya is in advanced talks to raise $6-7 million by March 2021 through new and existing investors, the company said earlier this week.
Bolo Indya said the funding would be used to improve the personalisation and recommendation engines. The company also plans to use the money to beef up its Bolo Meet offering.
The startup is also looking to increase its workforce by 100% and plans to recruit for various roles ranging from technology, business, and e-commerce.
The announcement comes weeks after the company raised Pre Series A1 round of $400,000 from Inflection Point Ventures.
ALSO READ: Bolo Indya to enable 1 lakh creators to offer peer-to-peer commerce service
Bolo Indya is among the top Indian social networking platforms that have gained traction following the ban on TikTok in the country. The platform focuses on the vernacular audience with a familiar interface. Bolo Indya offers content across categories including fashion and trends and technology.
Bolo Meets is its new offerings where content creators can make money from the platform. Launched in May, Bolo Meets has now more than 10,000 creators across languages covering categories such as astrology, fitness, language learning, music instruments, motivational talks, and personal finance being the top categories where creators are monetizing their content services. According to the company, the monthly income of the creators on its platform has grown by 200% to ₹70,000 to ₹1,00,000 per month.
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