Days after TikTok Ban, Mitron TV bags a 2 Crore Seed Funding
Published On Jul 03, 2020
The Indian government recently out a ban on over 59 Chinese-origin apps. This move came after the Indian Intel warned the government of the security risks associated with these apps & the projected impact on national security. The list included the popular short-video sharing Platform, TikTok. Soon after the ban, India’s rival to TikTok called Mitron started gaining immediate popularity. The government’s initiative to go #VocalForLocal led to the company recording a spike of 17mn in just weeks of launching. The app reported an 11x growth in its daily visits, just a day post the ban took place. The sudden surge in the user base caught the eye of investors. This funding has been led by 3one4 Capital and a LetsVenture syndicate list led by Arun Tadanki. The company plans to utilize these funds to accelerate the platform via product development & make it more scalable. The founder of Mitron, Shivank Agarwal said “We are a young company and we are hiring some of the best product & engineering talent to scale up Mitron rapidly. With the support of this round, our focus is on building features and supporting content that uniquely resonates with Indian users, while prioritizing community standards and local laws in India.” Despite falling into controversies and having a few bugs in its initial stage, Mitron has attracted a large user base owing to the Anti-China sentiment across the country. Mitron isn’t the only app drawing from this situation. Chingari & Roposo, two other Indan-origin video sharing platforms are also receiving incremental user traffic since the ban.