India’s TikTok rival Mitron raises Rs 37 crore in funding round led by Nexus Venture Partners
Indigenous short-video sharing app Mitron on Monday said it has raised around Rs 37 crore in a funding round led by Nexus Venture Partners. 3one4 Capital and Arun Tadanki’s private syndicate LetsVenture also participated in the latest round, the company said.
“We are thrilled to have Nexus Venture Partners join us in this journey, bringing in deep expertise of helping their portfolio companies build great products,” Mitron founder and CEO Shivank Agarwal said in a statement. He added that they are committed to building Mitron as a world-class product that is designed for Indian users, by reimagining digital entertainment and engagement.
The latest round of financing also saw participation from angels including MakeMyTrip Chairman Deep Kalra, Pine Labs CEO Amrish Rau and Jupiter founder Jiten Gupta.
The participants also include Spotify India MD Amarjit Batra, former Facebook and Snapdeal executive Anand Chandrasekharan, Google Cloud India MD Karan, ShopClue co-founder Radhika Ghai, Goibobo co-founder and ex-CTO Vikalp Sahni.
“The company will use the new infusion of capital to accelerate its product development to increase user engagement and hire high-quality talent. The company also plans to onboard a wide network of Indian content creators on the app and invest in building Mitron brand,” the statement said.
Mitron has recorded over 3.3 crore downloads with sudden growth coming after the government banned Chinese mobile applications, including Tiktok and Likee.
Launched in April 2020, the app had achieved 1 crore downloads before the ban of the Chinese apps.