Mitron raises $5 mn in Series-A round led by Nexus Venture Partners

Company will use proceeds to accelerate product development and increase user engagement. It plans to onboard content creators on the app

Homegrown short-form video app Mitron has raised $5 million in a Series A round led by Nexus Venture Partners. Siddharth Pai and Pranav Pai’s 3one4 Capital and Arun Tadanki’s private syndicate on LetsVenture also participated in the round.

The company will use the fresh capital infusion to accelerate its product development to increase user engagement and hire talent. It also plans to onboard content creators on the app and invest in building the brand.

“We are committed to building Mitron as a world-class product that is designed for Indian users, by reimagining digital entertainment and engagement,” said Shivank Agarwal, founder and CEO of Mitron.

Founded in April this year, the app has over 30 million downloads so far. It had earlier raised Rs 2 crore in a seed round in July from 3one4 Capital  and LetsVenture.

“The differentiated, long-term thinking demonstrated by the founding team of Mitron has led us to continue believing in them. We are excited to continue our work with the company to help build the next evolution of video engagement out of India,” said Pratik Poddar, Principal at Nexus Venture Partners. 

Short format audio and video apps have seen a slew of fundraises since the government red-flagged over 70 Chinese apps, including TikTok. Lifestyle social network Trell recently received $11 million from KTB Network and Samsung Ventures. Chingari, which is touted as a TikTok alternative, raised a seed funding of $1.3 million from AngelList India, iSeed, Village Global, LogX Ventures & others earlier this month. The company is also in talks to close a $10 million Series A round soon.