Bolo Live raises $ 2.4 million in funding led by Orios Venture Partners

Social media platform Bolo Live on Wednesday said it has raised USD 2.4 million (about Rs 18 crore) as a precursor to the Series A funding round led by Orios Venture Partners.

SOSV, Tremis Capital, LPA Ventures and other HNIs also participated in its first VC round, including existing investors Eagle 10 Ventures.

The company plans to use the newly raised funds to accelerate the product development, strengthen the team and accelerate penetration in the Indian and South Asia markets.

"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 Bolo Live, said in a statement.

The fresh fundraise takes the total capital raised by the company to USD 3.5 million.

Launched in May 2019, Bolo Live claims to have over 1 lakh content creators monetising on the platform.

The live streaming platform claims to have registered over 3 times increase in net revenue over the last 6 months and is clocking more than USD 1 million net revenue run rate.