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Wednesday, October 27, 2021

Friends, Tiktok’s domestic options raised $ 5 million fund, will give job impact to youth

 

India’s domestic short-form video app Friends has announced the acquisition of a $ 5 million fund led by Nexus Venture Partners. Arun Tadanki’s private syndicate on 3 One 4 Capital and Let’s Venture also participated in this round of funding. The company said in the statement that by using this new capital to increase user engagement, it will promote the development of its product and will employ the best talent. The company also plans to include a huge network of Indian content creators on the app and invest to build the Friends brand.

App was launched in April

The Friends app is a short-form social video app that allows users to create entertaining short videos as well as upload, watch and share them. Friends have been established by IIT Roorkee alumnus Shivank Aggarwal and Aneesh Khandelwal. The two founders are computer science engineers and previously worked together on Make My Trip.

The Friends app was launched in April 2020 and achieved 10 million downloads even before Chinese apps were banned.

According to the company, in this round of financing, Chairman, Make My Trip Deep Kalra (Chairman, MakeMyTrip), Amrish Rau (CEO, Pine Labs), Jiten Gupta (Founder, Jupiter), Amarjeet Batra (MD, Spotify India), Anand Chandrasekaran (Facebook, Snapdeal’s former executive), Karan Bajwa (MD, Google Cloud, India), including many angel investors. TK Kurien (Premji Invest), Manish Vij and Harish Bahl (Smile Group) also participated in their individual capacities.

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Over 33 million downloads on the Play Store

Friends founder and CEO Shivank Aggarwal said that they are thrilled that Nexus Venture Partners joined us in this journey, bringing with them deep expertise in helping their portfolio companies create great products. They are committed to making Friends a world-class product that is designed for Indian users, by redefining digital entertainment and engagement.

He said that with over 33 million downloads on the Play Store and 9 billion video views every month, Friends has emerged as a popular choice among Indians for short-form videos.

https%3A%2F%2Fwww.financialexpress.com%2Fhindi%2Ftechnology-news%2Ftiktok-rival-mitron-collects-50-lakh-dollar-fund-will-develop-its-product-and-create-more-jobs%2F2058955%2F

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