Homegrown social video app MitronTV, a concept similar to TikTok, has raised about $264,900 (Rs2 crore) in a seed funding round from venture capital firm 3one4 Capital, and LetsVenture syndicate led by Arun Tadanki, per media reports.
The investment follows the Indian government’s move on Monday to ban 59 Chinese apps, including ByteDance-owned TikTok, amid rising border tensions with China.
The startup plans to use the funding proceeds to accelerate its product development roadmap, engage more deeply with Indian content creators, and hire talent to scale the tech infrastructure, Mint reported. MitronTV claims to have achieved over 17 million downloads since its launch in April.
Founded by Shivank Agarwal and Ankit Khandelwal, MitronTV app allows users to create, upload, view, and share entertaining short videos on its platform. It gained downloads after being pitched as an Indian alternative to TikTok.
INDIA DEAL MONITOR
Here are some prominent venture capital transactions in India from June 28-and July 2, 2020.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry||Verticals|
|MitronTV||Bengaluru||264,900||Seed||3one4 Capital, LetsVenture syndicate led by Arun Tadanki||-||Internet||Social Media|
|Flinto Learning Solutions||Chennai||7.2 million||Pre-Series B||Lightbox Ventures||-||Education/Training||EdTech|
|Zetwork||Bengaluru||21 million||Series C||Greenoaks Capital, Accel Partners||Kalysta Capital Fund, Subhsiah Vellayan, A. Venkatachalam, Kae Capital, Sequoia Capital, Lightspeed Partners||Industrial Machinery||E-commerce|
|ChitMonks||Hyderabad||650,000||Pre-Series A||Unicorn India Ventures||-||Financial Services||Blockchain|
|Piggy Ride||Bengaluru||465,300||Pre-Series A||Artha Venture Fund||Transportation Services||Ridesharing /Transport|
|Forbidden Foods||Delhi||1 million||Seed||Globevestor, Secocha Ventures||First Cheque VC, Kashyap Deorah, Vijay Sivaram||Food||-|