New Delhi-based parody video based social networking startup Spoofin, has raised an undisclosed amount of funds in bridge funding round from Mumbai Angels. According to the early-stage angel investment network, five investors from the platform participated in the round.
Freshly infused funds will be used to expand operations, along with boosting customer acquisition and technology.
Spoofin, operated by Eminence Tech & Services Pvt Ltd, was founded by Siddhant Sahni, along with Vallari Bhardwaj, Swati Sharma, and Mritunjay Sharma in 2016. It provides a mobile app based social networking platform to enable users to create and share funny videos with different users on the platform.
It also enables users to connect and chat through the platform. Spoofin app is available on both the Android and iOS devices. The platform aims to bridge the gap between video content creation and consumption by providing easy to use app, enabling users to express their creativity in a hassle-free manner.
“The video content startup scene is buzzing and we are looking forward to investing in this sector,” said Nandini Mansinghka, chief executive of Mumbai Angels.
Earlier in January 2018, Spoofin raised its first round of external funding from Mumbai Angels. The details of the deal remain undisclosed.
Other players in the Indian social networking space competing with Spoofin, include, Bengaluru-based vernacular social networking startup ShareChat, Roposo, and Clip App, among others.
Recently, ShareChat raised ₹720 crores in a fresh funding round led by existing investor Shunwei Capital, along with new investors Morningside Ventures and Jesmond Holdings, an affiliate of Russian billionaire Yuri Milner‘s DST Global.
Content-based social networking apps are picking up in India and investors are also leveraging the opportunity to help these apps grow their market share.