A user-generated video content platform YourQuote today said that it has raised $1 mn in a seed funding round. The current funding round was led by IDG Ventures India, which also saw the participation from Axilor ventures and Atul Goel of the Essel City Group.
Commenting on the investment in YourQuote, Karan Mohla, Partner and Executive Director of IDG Ventures India Advisors said, “At the core of it is a team of highly-talented founders who value original content and via their mobile platform are tapping into the lucrative opportunity that the country’s massive vernacular market has opened up. Vernacular users have very few media and content platforms geared towards creating relevant and engaged communities and we strongly believe original content caters to that basic need in an innovative manner. We fully back the team’s vision and mission, and are confident that they will be able to take YourQuote to the next level of growth and establish it as the definitive mobile-first platform for original content in India, both short-form and video.”
Launched by IIT-Delhi alumni Harsh Snehanshu and Ashish Singh in August 2016, YourQuote is a mobile app available for iOS and Android users. It allows users to create and share short quotes or text in English and 15 other languages.
The company claims to have generated 4.5 million original video and written content in 15 languages to cater to its 500,000 users across India. Besides English, the startup offers content in Hindi, Tamil, Bangla, Kannada and Punjabi, among others.
The company further wants to infuse newly raised capital in increasing the range of content available on its platform and will expand its footprint in India.
“There is an apparent dearth of expression-oriented original content platforms in India. YourQuote was started off to plug that gap. It is a platform which allows users to share what they feel, what they experience, in their own words, and in a language they are most comfortable with. This approach has allowed us to register rapid growth, almost all of it organic, and to generate heavy traction within and outside the top metros,” said YourQuote co-founder and chief executive Snehanshu.
It is worth to mention, YourQuote was part of the fifth accelerator batch of Axilor Ventures. The company claims that it has been registering 20-30% month-on-month growth.
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