Social live-streaming app Bolo Live has raised $2.4 million from Orios Venture Partners and others ahead of its Series A funding round.

The funding round saw participation from SOSV, Tremis Capital, LPA Ventures. Existing investor Eagle 10 Ventures and several high net worth individuals also participated in the funding round.

As per the startup, the freshly raised funds will be used to accelerate product development, strengthen the team and for expansion in both India and South Asian markets.

Bolo Live | Social Live Streaming App

Co-founded by Varun Saxena and Tanmai Paul in May 2019, Bolo Live (Formerly Bolo Indya) is a social live-streaming app, bringing live streamers and their fans closer. The platform is on a mission to empower content creators by managing their 360-degree digital journey and supporting them to transform their social capital into financial independence.

Speaking on the development, Varun Saxena said,

“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.” 

The social live-streaming app claims to have over 1 lakh content creators monetising on the platform. Additionally, Bolo Live claims to have registered over 3X increase in net revenue over the last six months with a retention rate as high as 80%.

It is clocking more than USD 1 million net revenue run rate, backed by growth in active user base over the last six months. As per the founder, the startup will continue to innovate on more monetisation opportunities for content creators and keep bringing them closer to their fan base.

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