The funding round also saw active participation from lead investors including Nexus Venture Partners and 3one4 Capital.
New Delhi, 5th November, 2020: 9Unicorns, India’s first idea-phase accelerator VC fund, has invested in Mitron – a short video sharing application. With this investment, 9Unicorns further underscores its commitment to supporting high-potential home-grown startups; in line with the PM’s rallying call for Atmanirbhar Bharat. Nexus Venture Partners led the USD 5 Million funding round in August and 3one4 Capitalled the immediately preceding INR 2 Crore pre-seed round in July.
Founded in April 2020 by Shivank Agarwal and Anish Khandelwal; Mitron TV is a social media application built for sharing and creating minute-long videos, catering especially to the Indian market and focused on adding value to every user. The idea was to provide an innovative and engaging digital platform for the local talent that does not get the exposure it deserves. Hence, the platform enables users to create, consume, and share bite-sized videos across categories and talents.Within3 months since its launch, the app showed a promising traction by crossing 10+ million downloads. It currently boasts 39+ million downloads on the Android Play Store with an average of 11+ billion monthly views. The app recently made its debut on the iOS App Store.
Shivank Agarwal, Co-Founder and CEO, Mitron TV, said, “We are delighted to have the support of 9Unicorns in this journey. Mitron TV has received tremendous growth within 6 months of its inception. With 9Unicorns joining us on this new endeavour, we are sure of providing ground-breaking innovations in the short-video app industry.”
Anish Khandelwal, Co-Founder and CTO, Mitron TV, added, “Mitron TV is a user friendly and user’s first platform. We are thrilled to have 9Unicorns’tremendous support. At Mitron, we are tirelessly working towards creating unique in-app experiences with best in class features for quality content. This collaboration will further help us in creating a highly-engaged community of users.”
Dr. Apoorva Ranjan Sharma, Co-founder& Managing Director – 9Unicorns, commented, “The initial six-month progress of Mitron TV is enough to reflect the terrific potential and vision of the idea and the dedication put by the founding team. Their strategies are in line with the need and scope of the emerging digital market, which if executed well, will show more promising customer response. We are therefore delighted to support a dynamic and innovative startup such as theirs.”
On October 31, 2020,Mitron TV also launched Atmanirbhar Apps, a platform built for enabling the discovery of other ”Made In India” apps. Atmanirbhar Apps lists the available domestic apps across numerous categories like social media, lifestyle, utility, gaming, e-commerce and government. The idea is to empower and support home-grown technology and talent of Indian developers, thereby disrupting the Indian digital market on the back of the innovative potential within the country.
Leading Indian startup founders also participated in the funding round in their individual capacity. These include names such as Deep Kalra (Chairman, MakeMyTrip Ltd.), Amrish Rau (CEO, Pine Labs), Jitendra Gupta (Founder, Jupiter), Amarjit Batra (Managing Director, Spotify India), Radhika Ghai (Co-founder, Shopclues), and Vikalp Sahni (Co-founder and ex-CTO at GoIbibo). Other investors who participated in the funding round include TK Kurien (Managing partner, Premji Invest), Manish Vij and Harish Bahl of Smile Group.