Bolo Live, a Gurugram-based social media live-streaming platform, has raised over $5.5 million in a new funding round led by a UAE-based family office.
First reported by Entrackr, the board at Bolo Live has passed a special resolution to issue 5,709 CCPS at an issue price of Rs 80,575 each to raise Rs 46 crore or $5.6 million, as per company’s regulatory filings with the Registrar of Companies (RoC).
Bolo Live | Social Live Streaming App
Co-founded by Tanmai Paul and Varun Saxena in May 2019, Bolo Live (Formerly Bolo Indya) is a social live-streaming app that 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.
The social live-streaming platform enables content creators to monetize their content via virtual gifting. It claims to have over 1 lakh content creators monetizing on the platform.
Empowering Gen-Z to transform social capital into financial independence, Bolo Live fosters democratization of content monetization through real-time interactive social interactions & trusted online friendships.
In January 2022, the Social live-streaming app Bolo Live raised $2.4 million ahead of its Series A funding round to accelerate product development, strengthen the team and for expansion in both Indian and South Asian markets.
The round was led by Orios Venture Partners, with participation from SOSV, Tremis Capital, and LPA Ventures. Existing investor Eagle 10 Ventures and several high-net-worth individuals also participated in the funding round.
During the last funding round, Bolo Live claimed to have registered over a 3X increase in net revenue over the last six months, with a retention rate as high as 80%. The startup added that it is clocking more than USD 1 million net revenue run rate, backed by growth in the active user base over the last six months.
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