The funding in MitronTV is led by venture capital firm 3one4 Capital as well as a LetsVenture syndicate led by Arun Tadanki. The company’s fund raising is part of the greater strategy to tap the opportunity created via the government decision to ban Chinese app TikTok.
According to the company sources, MitronTV plans to use the funds to accelerate its product development roadmap, engage more deeply with a wide network of Indian content creators, and hire talent to scale the tech infrastructure.
MitronTV plans to use the funds to accelerate its product development roadmap, engage more deeply with a wide network of Indian content creators, and hire talent to scale the tech infrastructure.
Founded by two computer science engineers, Shivank Agarwal and Ankit Khandelwal, Mitron app is a short-form social video app that allows users to create, upload, view, and share entertaining short videos, similar to China’s TikTok.
MitronTV also claims to have over 17 million download, within two months of its launch on the Play Store.
In the first week of June, MitronTV was pulled from the Google Play Store, for violating its ‘spam and minimum functionality’ policy, where it was accused of copying content to provide the same experience as other apps. Not just Mitron, but now even more apps are being launched in the market, that are spreading the place of TikTok.
Indian social media platform, ShareChat said that the platform has recorded half a million downloads on an hourly basis, and over 15 million downloads since the ban was announced.
“We are a young company and we are hiring some of the best product and engineering talent to scale up Mitron rapidly. With the support of this round, our focus is on building features and supporting content that uniquely resonates with Indian users, while prioritising community standards and local laws in India,” said Shivank Agarwal, founder and CEO of Mitron.