Social media platform Bolo Live has raised Rs 46 crore or $5.6 million in fresh funding led by a UAE-based family office. This is the second round of investment for the Gurgaon-based company this year.
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, according to the company’s regulatory filings with the Registrar of Companies (RoC).
The family office spearheaded the investment with Rs 39.8 crore while IA fund, AL trust, QED Innovations, Orios Fund, and SOSV participated with Rs 6.2 crore cumulatively. In January this year, the company raised $2.4 million in its first institutional round led by Orios.
Bolo Live is a Social Live streaming platform which enables content creators to monetize their content via virtual gifting. The company claims to have over 1 lakh content creators monetizing on the platform.
While the company is yet to file its annual financial statements for FY22, the operating revenue for the Orios-backed company surged 6.7X to Rs 3.16 crore in FY21. Its losses soared 3.6X to Rs 3.3 crore during the fiscal year ending March 2021.
Source @Entrackr
