Bolo Indya in advanced talks to raise $6-7 million from new, existing investors

The company plans to beef up its personalisation and recommendation engines as well as Bolo Meets offering.

The company is also planning to strengthen its workforce by 100% (Bolo Indya/Play Store)

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.

“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 is attracting a large number of creators to monetize their content via the Bolo Indya platform; in line with the passion is driven creator economy,” said the company in a release.

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.