SOSV, Tremis Capital, LPA Ventures participated in the fundraising, as did existing investor Eagle 10 Ventures and several high networth individuals. The company has now raised a total of $3.5 million.
The fresh funding will be used to accelerate product development, strengthen the team and for expansion in both India and South Asian markets.
Bolo Live, which started off as a short-video platform Bolo Indya in 2019, has over one lakh content creators monetising on the platform, with a retention rate as high as 80%. Its current net revenue run rate is at $1 million, helped by growth in active user base over the last six months.
“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,” said Varun Saxena, cofounder and chief executive at Bolo Live. “We have witnessed high stickiness, driven by gamification and communities, and look forward to creating more value for all our users.”
Bolo Live will continue to innovate on more monetisation opportunities for content creators and keep bringing them closer to their fan base, he added.
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“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,” Rehan Yar Khan, managing partner at Orios Venture Partners.
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