Indigenous short-video sharing app Mitron has raised $5 million as part of Series A financing led by Nexus Venture Partners. Last month, Mitron raised Rs 2 crore in a seed round. The apps' existing investors, like 3one4 Capital and LetsVenture, also participated in the latest round of the funding.
Moreover, notable entrepreneurs and angels like Deep Kalra (Founder and Chairman MakeMyTrip); Anand Chandrasekharan (Former Facebook executive); Radhika Ghai (Co-founder of ShopClues); Karan Bajwa (MD, Google Cloud India); TK Kurien (Premji Invest); Shanti Mohan (Founder of LetsVenture); Manish Vij and Harish Bahl (Smile Group); Amarjit Batra (MD, Spotify India); Amrish Rau (CEO of Pine Labs); and Jiten Gupta (Founder of Jupiter) also participated in their individual capacity.
In a press release, the Mitron app said the company will use the funding for product development, user engagement, and talent acquisition. The company also plans to onboard a network of content creators and invest in building its platform.
Launched in April 2020, Mitron is founded by Shivank Agarwal and Anish Khandelwal. They both worked together at MakeMyTrip. The app has claimed to have more than 3.3 crore downloads on Play Store and 900 crore video views per month.
Agarwal 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. We are committed to building Mitron as a world-class product that is designed for Indian users, by re-imagining digital entertainment and engagement".
"Shivank and Anish are product-first, deep-tech and very iterative entrepreneurs. We have been tracking them for three months and loved the way they have evolved their thinking around content creation, community management, and video delivery. We love backing 'product and tech-first' entrepreneurs. We believe eventually the best product with long-term thinking will win," Pratik Poddar, Principal at Nexus Venture Partners, said.