Bengaluru-based Qoohoo will use the funds to build its engineering and product teams
Currently, the startup comprises a team of 7 members, and actively hiring across product roles. It plans to keep a lean team of 10-12 for the next 10-12 months
Creator-based social platform, Qoohoo has raised close to $800,000 as a part of its angel round from a clutch of key founders and executives in the Indian startup ecosystem.
Angel investors including - Gaurav Munjal, co-founder, Unacademy; Kalyan Krishnamurthy, chief executive, Flipkart Group; Sujeet Kumar, co-founder, Udaan; Kunal Shah, founder, CRED; Utsav Somani, partner, Angellist; Kunal Bahl and Rohit Bansal, co-founders of Snapdeal and Pankaj Gupta, director, Google Pay, have participated as a part of the latest round of funding.
Bengaluru-based Qoohoo will use the funds to build its engineering and product teams.
Currently, the startup comprises a team of 7 members, and actively hiring across product roles. It plans to keep a lean team of 10-12 for the next 10-12 months.
Qoohoo is a mobile app that lets any kind of creator launch their private community, with a focus on monetisation. The app which is still in stealth mode is being built to make engagement intensive, immersive, and scalable.
“Qoohoo is targeting a large section of the creators’ economy. We want to set the right standards of community behaviour and continuously enhance the product experience for users and creators. We will gradually start opening it for the public with an ‘invite friends’ feature. Initially, we are not focusing on scale, just want to get it right for the first 1000 creators and 100,000 users, before the end of the year," told Vimal Singh Rathore, co-founder, Qoohoo to Mint.
Rathore said that the app which is still in Beta will run as ‘invite only’ until August, this year, post which it will look to open the platform for a larger set of users.
“Qoohoo will be solving for community engagement and monetisation - like Patreon, Discord, Telegram, Youtube memberships etc [...] but there is no comparable product that I can quote right now," added Rathore.
Rathore’s previous startup Coursavy, which was in the UPSC test preparation space, was acquired by Unacademy in September, last year.
“Qoohoo is set up to be a trailblazer in the new passion economy era that’s primed for growth as the virus has affected the livelihoods of many and forcing them to turn to online income streams. Owning relationships with your fans is a key aspect of this and Qoohoo will deliver on that front," said Somani.
Social platforms have been receiving a lot of investor attention, with the covid-pandemic putting the focus on these apps. This was further accelerated by the Indian government’s decision to ban Chinese apps, last year, leading to a vacuum created by entities such as Chinese short-video app, TikTok in the country.
Beneficiaries such as Sharechat have been in active talks with investors to rake in almost $500 million in investments from social media giants such as Snap, according to multiple media reports.
Post TikTok’s unceremonious exit in June, last year, Indian social apps such as Roposo, Josh and MX Takatak have only been able to capture 40% of the short video market once dominated by TikTok.