Social media platform Bolo Live raises $5.5 Mn in a fresh round of funding backed by UAE-based family office. This round of funding is the second round of investment for the company this year.
As per reports, the board of Bolo Live passed a special resolution for the issuance of 5709 CCPS at an issue price of 80,575 each to raise the above-mentioned funds.
The UAE-based family office led the investment and infused 39.8 Cr in Bolo Live. Along with the family office, IA Fund, AL Trust, QED innovations, Orios fund and SOSV also invested in this round of funding. The above-mentioned VCs invested 6.2 Cr cumulatively.
Social media platform Bolo live secured $ 2.4 Mn in its first institutional round earlier this year. The funding round was led by Orios Venture Partners. Along with Orios Venture, the funding round also saw participation from SOSV, Tremis Capital, and LPA Ventures. In addition to this, existing investors and many other individuals also participated in the funding round.
Set up in 2019 by Tanmai Paul and Varun Saxena, Bolo Live is a social media live streaming platform that allows content creators to monetize their content through virtual gifting. It is a platform that empowers content creators. The company claims to have more than 1 lakh content creators earning through their platform.
The company also claims to have had a 3X increase in revenue over the last six months with a high retention rate which is 80%.
The growth in digital sectors has opened many doors for content creators. It has allowed people to empower themselves in many ways. Bolo Live is one such platform that is on a mission to empower users. The Gurgaon-based live streaming platform faces direct competition with Epoxy, Streamloots, Fanbase and TipTip, etc.
Featured Image Credit: Exchange4media
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