Bengaluru-based social networking platform Slick has raised $1.6 million in a seed funding round by Titan Capital, WEH Ventures, iSeed, and All In VC. The funding round also saw participation by a clutch of angel investors, including Sumit Gupta (Founder, CoinDCX), and others.
Slick is focusing on offering a new platform by eliminating the old digital ecosystem that has been saturated by the rise of passive media and diluting the actual purpose of social media, that is to create connections.
The company said the funding will be used to enhance Slick’s user experience, drive innovation, and develop cutting-edge features to attract more users.
Founded by IIT Bombay graduates Archit Nanda and Rachit Bansal, the social networking platform primarily focuses on GenZ.
Since launching in December, the platform said it has gained over 1 million users, spread across 5,000 schools and colleges in India.
Prior to this, Slick had raised $500,000 last year in a round led by Unacademy’s founders (Gaurav Munjal, Roman Saini, and Hemesh Singh) and angel investors, including Cred’s Kunal Shah, Sujeet Kumar, and early-stage VCs Titan Capital and Blume Founders Fund.
CEO Archit Nanda said, in the statement announcing the funding. “One of the fundamental problems seen with today’s social networks is their business model of ads, which dilutes networking and shifts users’ focus to consuming content. These platforms ultimately want more timeshare from their users, in ways that are not networking, which defies the very idea of a social network.”