Wednesday

Mitron, TikTok’s alternative in India, raises first VC fund





India’s homegrown video sharing app, Mitron, has raised undisclosed amount of funding from VC firm 3one4 capital.


This is apparently Mitron’s first fundraising from a VC firm as it looks to capitalize on the huge scope for exponential growth following Indian government’s ban on TikTok. CBNC TV18 first reported this news. The financial details of the deal have not been disclosed.


Mitron, answer to Chinese app TikTok, raises its first-ever VC fund.



3one4 capital told CBNC TV18 that they “are happy to be working with Mitron team to help build a grounds-up social video experience for India. Across the high-variance landscape of change in the country today, few teams have managed to impress as much with their deep empathy for and understanding of Indian internet citizen.


Cashing on the growing anti-Chinese sentiment, the home grown video sharing app off late has witnessed sporadic growth in its mass popularity. The spurt in popularity obviously helped the local app to improve its download numbers quite drastically.


However, its growth story was suddenly scuttled following its temporary suspension from Google Play store earlier this month. Google cited violation of its policy guidelines for imposing the temporary ban. But Mitron was back into the android app ecosystem, after the search engine giant lifted the ban.


In the aftermath of ban on TikTok, India’s local players including Mitron’s rivals Roposo and Chinagri are now busy plotting the strategy to conquer India’s video sharing market, which is now  left wide open. Barely hours after TikTok ban, all the local apps have reported overwhelming increase in their download and installation numbers.


TikTok was duly removed from Google play sore and Apple’s app store from Tuesday.


Mitron Roposo and Chinagri have supported Indian government’s decision to ban TikTok, arguing that this will help in building aatm nirbhar app ecosystem in India.







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