BENGALURU, December 14, 2017 - Matrix Partners India announced today that it has led the Series A investment in Clip, a local language video platform. Existing investors Shunwei Capital and India Quotient also participated in the fund-raise. The funds will be used to expand the team and scale the technology platform.
Clip was founded in 2017, and is a fast-growing user-generated platform for short videos. It is targeted towards the 250 million plus online consumer base of non-English speaking users in India. The market is expected to grow exponentially, with 9 out of every 10 users coming online today being non-English speaking. Clip is catering to the hugely underserved local language video market by providing bite-sized, relatable content sourced from its users. The application also has chat and sharing features to enable social engagement among its user base.
Commenting on the fundraise, Nav Agrawal, co-founder, Clip said, “We are building a community around like-minded people by enabling them to create and consume short-form video content. We are targeting the 90% of Indians that are untapped, those who have recently got smartphones and low cost internet connections. We believe the real potential of local language content in India is still untapped. It’s really exciting to build a product for Bharat! We are looking forward to partner with Matrix Partners, India Quotient and Shunwei Capital on this journey.”
“Video consumption post Jio has grown sharply, especially among the non-English speaking audience. This section of internet users is growing the fastest and has thus far been starved of relevant content. Clip plays at the cusp of these macro trends and allows these users to create, share and consume bite-sized video content that they can relate to. We are privileged to partner with Nav, Ashish and Swapnil, the co-founders of Clip.” said Tarun Davda, Managing Director, Matrix India.
“We are very pleased to work with Nav, Swapnil and Ashish, India Quotient and Matrix, to be a catalyst to the burgeoning Indian mobile internet ecosystem.” said Tuck Lye Koh, Founding Partner & CEO, Shunwei Capital.
“In the last eight months, Clip’s growth has been breathtaking while maintaining engagement and retention metrics second to none in the social media space. We are happy to continue our support in this round.” said Madhukar Sinha, Partner, India Quotient.
About Clip App:
Clip is a short video social app for the non-English speaking audience of India. It aims to build a community around like minded people via video content. Within 7 months of operations, Clip has been downloaded more than 3 million times. As one of the fastest growing Indian social networks, Clip enables its users to create and edit 60 second video clips. Once a user uploads a video, Clip then serves it to millions of users using machine learning algorithms. For more information, you can download the app: www.clipapp.in
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 4,500 crore under management. The firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix Partners India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Mswipe (mobile POS), Five Star Finance (SME lending), Razorpay (payments), OfBusiness (credit led B2B marketplace), Limeroad (mobile social commerce marketplace), Belong (recruitment platform) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $4 billion under management. Further information is available at www.matrixpartners.in