Funding Funding updates

India’s TikTok Replacement App- Mitron Raised Funding of 32 Crores In A Funding Round

With the speech of Our Honourable Prime Minister Narendra Modi which laid emphasis primarily on creating “Aatmanirbhar Bharat” and ending dependency on foreign countries followed the ban of 59 Chinese apps which included TikTok- A short video platform which majority of Indians used.

With the ban of TikTok, it paved a way of success for Mitron app which is of Indian origin and allows the users to create short videos. The development came two days after the decision of the government to ban Chinese apps on the grounds of data theft and privacy issues.

Mitron has launched two months ago before the ban in April by two friends- Shivank Agrawal and Anish Khandelwal. Within two months of the ban, the app crossed 100 Million downloads across the nation and received the outstanding rating of 4.4 out of 5 on Google store and TikTok rating dropped to two stars.

Now the only competition for Mitron is Chingari app, which is also of Indian origin that allows making short videos 2.5 million downloads on Google Play Store.

The Mitron app has now received the funding of Rs 37 Crore from 3One4 Capital and LetsVenture in a funding round led by Nexus Venture Partners. 3one4 Capital and Arun Tadanki’s private syndicate LetsVenture.

“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,” expressed Shivank Agrawal in a statement.

Shivan Agrawal also disclosed that at Mitron they are working to building Mitron app as a world-class product for giving the best app experience to Indians, by reimagining digital entertainment and engagement.

The funding raised by Mitron will be primarily used to accelerate product development and developing new features to increase engagements of users and to hire a quality workforce for making the app better and to reach more audience.