A Singapore-based social media platform Bigo Technology has raised a Series D funding of $272 million from live streaming social media platform company YY Inc. Bigo, which has a focus on video content, said that it will utilize the funds to strengthen its R&D platform, strengthen mobile app’s features, technology, and penetrate further globally, especially in India.
It added that India is a significant market for Bigo, especially for its LIKE mobile app, which is basically a short video editing and sharing app. The company said that it already has 25 million users from India accounting for more than 50% of its users globally. Bigo’s Global Vice President Aaron Wei said that it will hire technology professionals and content creators in India.
Founded in March 2016, BIGO Technology provides video-based service. Its product portfolio includes BIGO LIVE, LIKE, Hello and Cube TV, covering from live-streaming, video editor, to social community.
Bigo competes with biggies like Facebook, Instagram, and Snapchat. In December 2016, Instagram crossed 600 million active users(MAUs) just six months after it hit the 500 MAUs mark in June. Its competitor Snapchat on the other had claimed 150 million Daily Active Users as of June, 2016. Besides this, for video editing and sharing, there are a lot of free and paid apps on both the platforms, Android as well as Apple’s App Store.