Delhi based YourQuote Solutions Pvt. Ltd, a user-generated content and digital community platform has raised $1 million in seed funding led by IDG Ventures India along with the participation of Atul Goel of the Essel City Group, and Axilor Ventures, founded by Infosys co-founders Kris Gopalakrishnan and S D Shibhulal.
The newly acquired financing will be used by the company to improve the extent of content available on its platform by reaching more geographies across the country. Their final aim is to increase the number of contributors and readers on their platform. Also, they want to incorporate user-generated video content and scale up their offline networking initiatives.
YourQuote was also a part of the Summer ’17 batch of Axilor’s 100-day accelerator program.
YourQuote has a user base of 500,000 users across India. There are over 4.5 million original video and written content posts on the platform and has consistently seen a monthly growth of 20-30 percent. In early 2017, it was incorporated by Harsh Snehanshu and Ashish Singh, an alumni of IIT-Delhi. Users can share short posts or quotes in English and 15 other languages.
YourQuote was developed while keeping mobile-first approach in mind. A lot of content sharing platforms are not well-optimized for mobile users, unlike YourQuote which generates intuitive content along with a user interface that is specifically tailored for mobile devices.
The company is planning to generate revenue by monetizing native advertising. By the end of December, it is planning to launch a video creation feature that will allow users to create short 1-minute videos within the app as well instantly share them on various social media platforms.
The company believes that the advent of Jio, that has given access to millions of local people, has been very helpful for their growth. Fields like vernacular digital write-ups and digital video content are growing at an incredible rate and YouQuote is ready to grab this opportunity.
Just last week, Bengaluru-based digital media video startup Clip raised $6 million in series A funding round led by Matrix Partners India.