Indian one month old short-form video start-up, Mitron announced on 17th Aug, 2020, that it has raised USD 5M in series A funding from Nexus Ventures Partners. Other participants of the funding round include 3one4 Capital and Lets Venture syndicate led by an angel investor named Arun Tadanki. The start-up previously raised USD 20M in a seed round.
The latest round also saw participants founders including Amrish Rau, CEO of Pine Labs, Deep Kalra, Chairman of MakeMyTrip Ltd., Radhika Ghai, co-founder of Shopclues, Jiten Gupta, founder of Jupiter, Vikalp Sahni, co-founder & ex CTO of GoIbibo and Amarjit Batra, MD of Spotify India, amongst others. Harsh Bahl and Manish Vij of Smile Group and TK Kurien, MD of Premji Invest also participated in their individual category.
The company claims to deploy the new funding to ramp up its indigenous creator tool, recruit more people and accelerate its product development process. They say that they are planning to onboard Indian Content Creators on the app and spend in brand building.
About the company
A month old start-up was founded by two computer engineers, Ankit Khandelwal and Shivank Agarwal. Mitron platform offers short-form social video format which enables users to create, view, upload and share the video.
The start-up said that they have 33 million downloads on the Google Play Store and looking to launch in iOS app store. They also claim to have 33 million monthly active users out of which 15% are content creators.
Presently, Mitron platform receives 9 billion views every month. They have 50 per cent of the traffic from Tier 2 and Tier 3 cities of India.
According to the Co-founder and CEO of Mitron, Shivank Agarwal, “Mitron is trying to focus on content, and attract creators to showcase their talent and skill sets through activities of dancing, singing or even painting.
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