Roposo; a Gurugram-headquartered video entertainment app in its latest round of funding has raised $10 million (Rs 72.10 crore) led by New York-based investment firm Tiger Global Management.
This will help us hire new talent for machine learning for personalization, and get prepared for a much larger round in the following months. – Mayank Bhangadia, CEO and cofounder
The main aim of the company is to leverage the capital infusion toward product technology, talent acquisition and further expanding its 25 million-member community. Additionally, it also plans to enter the micro markets of India and build up resources for aggressive games in the coming months.
Roposo at its inception was a fashion discovery platform that employed a proprietary recommendation engine to match shoppers with each other. In August 2017 the company switched its business model into a video entertainment app as it expanded its portfolio choices.
Founded in 2014, the company boasts of 2.5 lakh posts by 7.5 million users on a monthly basis, with 160 million views and 2 lakh new users every day. The company is seeing growth revenue of Rs 3.84 crore; the figure is still small keeping in mind the user base it claims, and the loses that it stood which accounted almost five times the revenue.
Roposo competing with other video sharing platforms like TikTok and Kwai will face a fierce market to sustain in.