TikTok Rival Mitron Raises Rs 37 Crore in New Funding Round

Existing investors 3one4 Capital and Arun Tadanki’s private syndicate LetsVenture also participated in the round.

The Mitron app has crossed over 33 million downloads on the Google PlayStore.

(Photo: The Quint)

Homegrown short-form video app Mitron on Tuesday, 18 August, announced it had raised $5 million (approximately Rs 37.3 crore) led by Nexus Venture Partners in a new funding round.

Existing investors 3one4 Capital and Arun Tadanki's private syndicate LetsVenture also participated in the latest round.

Mitron app is a short-form social video app that allows users to create, upload, view, and share entertaining short videos.

Founded by two computer science engineers, Shivank Agarwal who is an alumnus of Indian Institute of Technology Roorkee and Anish Khandelwal, an alumnus of Visvesvaraya National Institute of Technology in Nagpur, Maharashtra, the app was launched in April this year.

Mitron said it will use the new infusion of capital to accelerate its product development to increase user engagement and hire high quality talent.

The company aims to onboard a wide network of Indian content creators on the app, and invest in building the brand.

“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,” Agarwal who is also the CEO of Mitron, said in a statement.

Shivank Agarwal, Chief Executive Officer, Mitron

"With more than 33 million downloads on Google Play Store and 9 billion video views per month, Mitron has emerged as the popular choice among Indians for short-form video."

The latest round of financing saw participation from angels including Deep Kalra (Chairman, MakeMyTrip), Amrish Rau (CEO, Pine Labs), Jiten Gupta (Founder, Jupiter), Amarjit Batra (MD, Spotify India), Anand Chandrasekharan (Former Facebook, Snapdeal executive), Karan Bajwa (MD, Google Cloud, India), Radhika Ghai (Co-founder, Shopclues), Vikalp Sahni (Co-Founder and Ex-CTO at GoIbibo) and Shanti Mohan (Founder, LetsVenture).

TK Kurien (Premji Invest), Manish Vij and Harish Bahl (Smile Group) also participated in their individual capacities. Earlier, Mitron had announced a seed funding round on 1 July, led by 3one4 Capital and a LetsVenture syndicate led by Arun Tadanki.

Several new digital startups have attracted the attention of investors in the recent months.

Lifestyle community commerce platform Trell on Monday announced a $11.4 million (nearly Rs 86 crore) Series A round funding led by KTB Network and Samsung Ventures, among others.