Gurugram-based vernacular social media startup Roposo has raised around ₹12 crore ($1.7 million) in a fresh funding round from Bertelsmann India Investments, as reported by VCCircle.
As per the report, the latest funding is received at a valuation of ₹174 crore ($25 million), which is significantly lower than the post-money valuation of ₹478 crore, in April 2016.
The reports are yet to be confirmed either by Bertelsmann India or Roposo.
VCCircle’s sources suggest that the latest fundraising is part of a larger series C funding round, which is expected to be closed in the next few months.
Rohit Sood, Principal, Bertelsmann India, has joined the board of Roposo. Pankaj Makkar, represented Bertelsmann on the board of Roposo, before resigning in June 2018, according to the filings with the Registrar of Companies.
Roposo was founded by three IIT Delhi alumni, Mayank Bhangadia, Avinash Saxena and Kaushal Shubhank in 2012. It provides a social media platform letting its users express themselves by creating videos and images with the help of its editing tools. The platform is available in 9 Indian languages to let users explore and express in their prefered language.
It also offers a business platform, enabling over 12,000 sellers to reach more than seven million buyers.
Other vernacular startups catering to the growing Indian audience include ShareChat, Clipp App, and Samosa Labs, among many others.
Earlier in September this year, a vernacular social networking startup ShareChat raised ₹720 crore in a round led by Shunwei Capital.
In August 2018, Samosa Labs raised ₹48 crore in a funding round led by Xiaomi and Sequoia Capital.