Bolo Live raises $2.4 million in funding round led by Orios Venture Partners

The fresh capital will be used for accelerating the product development, penetration in both India and South Asia markets, and strengthening the team

The platform will continue to innovate on more monetisation opportunities for its content creators, Varun Saxena, co-founder and CEO, Bolo Live, said.

Social live streaming platform Bolo Live on Wednesday announced that it has raised $2.4 million in its first VC round led by Orios Venture Partners as a precursor to Series A. While the round saw participation from SOSV, Tremis Capital, LPA Ventures, other HNIs including existing investor Eagle 10 Ventures also participated in the round. This brings the total funding raised by Bolo Live to $3.5 million. The fresh capital will be used for accelerating the product development, penetration in both India and South Asia markets, and strengthening the team, the company said in a statement.

“We are delighted to have Orios Venture Partners join us as our first institutional investors in our journey to build a large social live-streaming platform out of India. Their experience with world-class startups from India shall help us accelerate our path towards making Bolo Live a household name,” Varun Saxena, co-founder and CEO, Bolo Live, said.

According to Saxena, with the world looking at Indian content creators, there is no better time than this to build a microtransactions-driven creator economy platform in India. Bolo Live has witnessed high stickiness, driven by gamification and communities, he claimed. The platform will continue to innovate on more monetisation opportunities for its content creators, he added.

“There is an accelerating trend of live streaming and content commerce in India. Bolo Live team’s understanding, enthusiasm, the way they have built differentiation and are scaling it up in this competitive environment, drove our decision to invest in the brand. Their engagement first approaches and focus on high user retention clearly makes them stand apart in the growing social live streaming segment,” Rehan Yar Khan, managing partner, Orios Venture Partners, said.

Bolo Live claims to have more than one lakh content creators monetising on the platform, and 80% creator retention. In addition, it claims to have seen over three times increase in net revenue over the last six months.

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