The Next Half Billion (NHB)
The Indian Internet Economy will have 800mn people online by 2021/ 2022 – that is a staggering 300mn people coming online in the next 3 years!
The bulk of this new internet populace lives in Tier 2, 3 and 4 cities, are mostly under 30 years of age, and likely using a sub $100 smartphone to first experience the internet. Here’s what the India consumer stack looks like:
The majority of these internet users (India’s middle class) don’t speak English and unfortunately less than 1% of the content online in India is local/ regional language.
This presents huge opportunities in the vernacular space in India and Madison has been fortunate to back an exciting young company in the vernacular content space: Nojoto – India’s premier platform for creative expression and storytelling.
Every nook and corner of the country has an artist, a writer, a poet, or a comedian needing a digital platform for their creative expression. India being the land of stories, people also gather in groups to share stories & discuss different topics in their mother tongue.
Nojoto is one of the largest platforms for creative expression and storytelling. The content-first social product allows users to seamlessly record voice and videos while adding wallpapers and background music. The key numbers:
- has over 300k storytellers on the platform
- seeing over 500k pieces of content published every month (growing 40% MoM)
- content is published in 12 local languages
- The company has conducted over 350 events in 100 cities to drive creator growth
- They've achieved 1mm downloads in 1st 2 years of operations
- That is with only spending $50k in customer acquistion!
Here’s the company celebrating its 2 year anniversary and the 1mn download milestone:
The power of Nojoto
Shweta Singh, a biotech engineer started writing & performing on Nojoto last year, became very famous, and got offers from various production houses across the country, now writes bollywood films, web-series, songs, and does shows across the country:
Similarly there are millions of more stories, stories that can make you fall in love, stories that will make you laugh, stories that inspire, but for that you will have to download Nojoto 😀!
What I'm Reading
Madison led it's first investment in a food business, our thesis was based on a huge market opportunity, an innovative product and a solid founding team:
Madison also led an investment in the Pinduoduo of India, with whatsapp pay going live by end of 2019 in India, we anticipate a lot more exciting products and services built on the back of chat!
...and finally, some more reading on vernacular and the need for local language content in India's digital economy: