Delhi-Based mostly Video Q&A Platform Frankly Raises $600,000 From Matrix Companions
Keep in mind VYou? The video Q&A platform noticed greater than one million solutions posted and raised $three million in funding earlier than shutting its shopper website down in March 2013 as a consequence of lack of consumer engagement. Now a brand new startup referred to as Frankly has launched with an analogous premise. At present in beta with an internet site and apps for Android and iOS, Frankly has secured seed funding of $600,000 from Matrix Companions.
Its founders, Nikunj Jain and Abhishek Gupta, hope that Frankly may have extra success than VYou for 2 causes. First, the startup is predicated in India and hopes to benefit from the nation’s quick-rising cellular penetration price with this week’s launch of its cellular apps.
Secondly, Jain says that there isn’t an analogous platform in India for individuals to attach with public figures, resembling authorities officers. Delhi’s meeting elections are anticipated to happen subsequent month, and representatives from all main events have already signed as much as take questions on Frankly.
“We’re very targeted on how we will influence the elections in Delhi this yr and the thought is to launch the product in addition to we will within the subsequent few weeks and get it out of beta,” says Jain.
Jain hopes that customers who obtain Frankly for the elections will stick round on the platform to speak with different individuals, who vary from politicians like Arvind Kejriwal, the ex-chief minister of Delhi, to leisure celebrities, astrologists, and prime cooks. Publicity from public figures on the platform has resulted in 1,000 to 2,000 new customers every day since Frankly launched in beta final week, the corporate claims.
Whereas the platform is open to customers everywhere in the world, Frankly plans to give attention to the India for the subsequent 15 to 18 months and the problem of increasing in a market the place there are greater than 20 formally acknowledged languages (although a lot of the Q&A periods on Frankly at present happen in English or Hindi). After that, Jain says going into extra linguistically homogenous languages shall be comparatively easy.
As a platform the place individuals can talk instantly with public figures, Frankly is up towards formidable rivals like Twitter and YouTube. The startup hopes to distinguish by making it simpler for 2-means conversations to happen. Questions submitted are up-voted by different customers, so the preferred ones are seen and hopefully answered. Jain additionally says Frankly’s interface makes it simpler for in-depth discussions to happen.
“We try to create a spot for extra significant conversations which have greater than one hundred forty characters,” he says. “We consider YouTube is a superb platform for internet hosting and broadcasting, nevertheless it’s not a dialog platform. It’s a one-approach communication device.”
Frankly continues to be contemplating totally different enterprise fashions, however the firm is concentrated on gaining customers for now and Jain believes that “if in case you have a very good dialog happening, monetization shouldn’t be an issue.”