Gurgaon-based social media platform Bolo Live has raised $5.6 million (Rs 46 crore) in a fresh round of funding led by a United Arab Emirates (UAE) based family office, Entrackr reported.
The regulatory filing of the company claimed that the administrative board passed a special resolution to issue 5,709 CCPS shares at an issue price of Rs 80,575 to raise the entire amount.
The family office invested Rs 39.8 crore in the company. IA fund, AL trust, QED Innovations, Orios Fund, and SOSV jointly invested Rs 6.2 crore.
The funding came at a time when companies have been struggling to generate funds at a proper valuation. A Press Trust of India (PTI) report pointed out that venture capital (VC) and private equity (PE) fundings have dropped by 42 per cent in November this year compared to the previous year.
Prior to this, the start-up raised $2.6 million in January this year in its first institutional round led by Orios.
Founded in 2019, the social media platform is known to monetize content creators via virtual gifting. The start-up claims to cater to more the one million content creators.
In the financial year (FY) 2021, the company witnessed a 6.7x surge in its operational revenues to Rs 3.16 crore. Additionally, its net losses increased by 3.7x to Rs 3.3 crore in the same financial year.