Made-in-India short video-sharing platform Bolo Indya is in advanced talks to raise around $6-7 million (around Rs 45-51 crore) by March 2021 from new and existing investors.
The company had recently raised a Pre Series A1 round of $400,000 from Inflection Point Ventures.
The platform will use the funds to enhance its new feature Bolo Meets launched in May last year.
Through Bolo Meets, content creators are able to monetise their content.
In five months after the feature's launch, as many as 257 content creators saw their earnings increase to Rs 50,000 to Rs 60,000 per month from Rs 10,000 to Rs 15,000 they were earning initially.
Bolo Meets currently has over 10,000 creators across languages with astrology, fitness, language learning, music instruments, motivational talks, and personal finance being the top categories where creators are monetizing their content services.
Creators' monthly income has also jumped by 200 percent to Rs 70,000 to Rs 1 lakh per month by monetising their specialised skill-based content services.
"We are already getting a sticky frequency of transactions per week on the platform. Bolo Meets will be defined by strong retention and a strong growth rate, and will contribute towards enabling content-based commerce services," said Varun Saxena, Founder and CEO Bolo Indya.
He said the aim for Bolo Meets is to have more than a million content creators in the next 12 months with over 10 million transactions.
Along with Bolo Meets, the company is looking to hire talent for various roles including technology, e-commerce, and business.
Bolo Indya, launched in May 2019, saw a significant boost after TikTok got banned on June 29. Like Bolo Indya many other short video sharing platforms saw increased traction after the TikTok ban.
The homegrown short video platform currently has 68 lakh monthly active users with over 28 lakh creators creating close to 20 lakh videos on a daily basis.