SynergyByte Infotainment Pvt. Ltd, which operates social live-streaming platform Bolo Live, has raised $2.4 million (around Rs 18 crore) as a precursor to its Series A funding round led by Orios Venture Partners.
The round also saw participation from SOSV, Tremis Capital, LPA Ventures, among others.
Bolo Live said it will deploy the fresh capital to boost product portfolio, strengthen team and ramp up operations across India and South Asia. The company has raised $3.5 million till date.
Founded by Varun Saxena, and Tanmai Paul in May 2019, Bolo Live combines live streaming, gamification, and microtransactions.
“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 of Bolo Live said.
He added, “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. We have witnessed high stickiness, driven by gamification and communities, and look forward to creating more value for all our users.”
The company claimed it has over 100,000 content creators on the platform and the creator retention is at around 80%. It has seen additions of active users and logged over 3-fold growth in net revenue over the last six months.
In a similar deal, Frnd, a social networking platform raised $6.5 million in its Series A funding round, led by South Korean gaming company Krafton Inc.
Other companies in this segment that have raised capital in recent months include ShareChat-operated Moj, Trell and Chingari.