ITV

Tag: fundraise

  • Regional OTT Stage‘s board clears preference share issue

    Regional OTT Stage‘s board clears preference share issue

    MUMBAI: It’s been staging a saleable story by riding on the regional language OTT fascination wave. Harayanvi and Rajasthani dialect streamer Stage recently got the go ahead from its board to issue 31,179 series B preference shares of face value Rs 10 and at an issue price of Rs 27,137 each. 

    This part of a funding raise of Rs 84.6 crore or $10 million  in a round led by new investor Goodwater Capital along with  existing backer Blume Ventures. The former’s contribution is Rs 41.95 crore, while the latter will be pumping in Rs 26.01 crore.  Blume Ventures will end up with a 13.03 per cent stake making it the largest external investor while Goodwater Capital will have 6.24 per cent. 

    27 other investors are throwing their money into the investment pot. Among them figure: IA Growth Opportunities Fund I, TSM Ventures, LV Angel Fund and Brew Opportunities Fund.

    The funds will be used to scale up its content slate, as well as to introduce Bhojpuri, Awadhi and Maithali languages streams, according to its founders Shashank Vaishnav, Praveen and Vinay Singhal.  

    The trio claims that the platform, which was founded in 2019 has three  million subscribers, with 1.2 million of them in Haryana alone.  New subs to the tune of 250,000 are being added  every month.

    When the round gets completed it would have raised $19 million in its current avatar.  Of this, $4.83 million was raised in 2023 from Blume Ventures, NB Ventures and Dholakia Ventures. It had secured $2.5 million in a pre-series A round in January 2022 and $1.5 million from Venture Catalysts in November 2020.  Additionally, javelin champion Neeraj Chopra has also invested in the venture and regularly appears in promos for it. 

    Stage OTT app

    Stage began as a side project (competing with BuzzFeed)  at WittyFeed,– a successful  initiative that was shuttered in 2018, after Meta blocked its  page on Facebook and Rs 7 crore per month in revenue simply vanished.  The trio requested their employees to become their angel investors and help them come up with a reincarnation of the service.

    More than 50 per cent of the work force agreed and even put in their savings as investments. Brainstorming with them allowed them to come up with the idea to create an OTT offering regional language content. Stage was born under Stage Technologies Pvt Ltd. And it is in this company that investors have been pouring their money.

    Content in terms of originals at Stage is produced  in house in the local language and dialect using local artistes at a cost of Rs 18-20 lakh per six to eight episodic series. Ditto is the cost for a two to three hour long film is what the trio had revealed on Shark Tank season 2 on SonyLiv and Sony Entertainment Television.

    Around a year ago, the company brought in Harsh Mani Tripathi as a cofounder to further improve on the product. Earlier this week, its founders announced that it was being made available as an add-on to Zee-owned streamer Zee5 in the US.

    These days Stage is available at Re 1 for a seven day trial after being downloaded. The trio believe that once  they sample the series and movies available on the streamer they would not mind paying Rs 199 for a three month subscription.

    But the Singhal brothers and  Shashank Vaishnav will have to spruce up their act on one front:  Stage app’s download page on the Google Play store is flooded with complaints about subscribers getting their bank accounts deducted for Rs 199 even if they chose to cancel after the trial period.. So heavy is the stream of disgruntled subscribers, that Stage has put out a short teaser featuring Neeraj Chopra telling subscribers not to worry as only Rs 1 would be cut, and if more is, then those wanting to unsubscribe will get a refund into their bank accounts.

    (Picture: Courtesy Shark Tank, Sony)

  • Pyxis One raises $17 million in series B funding

    Pyxis One raises $17 million in series B funding

    Mumbai: Pyxis One, a California-based tech startup that aims to revolutionise marketing and consumer intelligence by providing an all-in-one, codeless AI platform, has closed $17 million in series B funding. With total funding of $24 million, the company plans to use this round of capital for investments in product development and to expand to new markets.

    Celesta Capital and Premji Invest have co-led the round with participation from previous investors Chiratae Ventures, pi Ventures, and Exfinity Venture Partners. “Every enterprise is either already rearchitecting themselves to adopt AI, or are dependent on one or more AI-driven platforms,” said Premji Invest partner Atul Gupta. “Pyxis One stands out by helping consumer-first enterprises adopt AI for their marketing and business growth without having to disrupt the business at all.”

    Pyxis One enables enterprises to scale accurate data-driven marketing. The startup’s codeless AI ecosystem comprises dozens of AI models deployed across different aspects such as targeting, optimisation, creative recommendation, and consumer research, enabling a complete ecosystem that can help teams collaborate, and leverage capabilities enabled by the adoption of AI.

    “Modern businesses are looking to use advanced elements of artificial intelligence and machine learning to deliver targeted and effective marketing,” said Celesta Capital founding managing partner Sriram Viswanathan. “These capabilities are important for enterprises looking to benefit from next-generation marketing technologies. Pyxis One’s platform delivers on this promise, and we are delighted to back this team to realise this potential.”

    The company is looking to add over 200 AI models to the AI infrastructure over the next two years. These AI models are trained with billions of cross-industry data points that brands from every industry can utilise. The platform also future-proofs AI structure and deployment to inherit new models and customise them without any rework.

    “Marketing can become 10 times more efficient if every team that plays a role in appealing to consumers can collaborate and work together using precise AI-driven insights,” said Pyxis One global CEO Shubham A Mishra. “With AI’s agility and scalability, we bridge the gap between marketers and data scientists and enable them to make better decisions in the backdrop of accurate and dynamic consumer insights. The new funds will enable us to speed up product development, hire more AI experts and data scientists, and expand our sales and marketing to additional markets.”

    The AI SaaS startup has witnessed a 550 per cent growth since its inception in 2018 and has a customer base across different industries including retail, automotive, healthcare, finance, and food tech. These customers are witnessing at least a 30 pert cent increase in their marketing efficiency and consumer intelligence, on average, said the statement.

    “The real clincher is that our ecosystem of products is completely codeless thereby easing the adoption of AI for our customers,” said APAC CEO Neel Pandya. “Our series B funding will allow us to aggressively pursue the development of more AI models to strengthen the infrastructure and expand into newer markets.” 

  • Mobile customer ARPUs to cross Rs 200 by end of the year: Sunil Mittal

    Mobile customer ARPUs to cross Rs 200 by end of the year: Sunil Mittal

    Mumbai: The board of Bharti Airtel on Sunday announced that it would raise Rs 21,000 crore through the issuance of equity shares available on a rights basis to eligible shareholders of the company. “This is the need of the hour for the company to accelerate from business as usual and capture a once-in-a-lifetime opportunity,” noted Bharti Airtel, chairman, Sunil Mittal.

    Mittal acknowledged that the company is loaded with extraordinary debt both from AGR and spectrum dues and they are raising capital not just to pay off the dues but also invest more in building 5G capability, gain market share in mobile services, grow FTTH business and expand data centre business. “In two-three years you will see Airtel become much more comfortable with the debt on its balance sheet,” he remarked.

    Mobile network expansion

    The company will continue to continue to upgrade spectrum which is the lifeline of the telecom industry and requires heavy capital commitment, said Mittal. The existing spectrum licenses need to be renewed in 2023 but their cost is marginal, he noted.

    “15 per cent of devices in India are 5G enabled and price points for 5G devices are coming down,”  he observed, adding that “The government should ensure that pricing of spectrum remains attractive so that the benefits can be passed down to the customer who may enjoy a robust 5G ecosystem.”

    According to Mittal the CapEx required to expand 4G capacity and upgrade existing capacity to 5G would not be very big. “We are largely done with our 4G capacity and only add extra capacity in high connectivity areas to cater to the surge in traffic. 5G capacities are huge and modular and upgrading to 5G in areas where there is higher traffic will be ideal,” he stated. 

    Sustainability in telco business

    While Airtel is positioned to capture the growth in the next two to three years, Mittal advocated that the economic model of the telecom business in the country needs to change and become viable for sustainable growth. 

    “We expect the government to respond with a lighter touch,” he said, noting that out of Rs 100 in revenues Rs 35 goes to the government in the form of levies.

    He said, “Indians are consuming 16 Gb of data on average per user every month and having an appropriate and decent return on capital is vital to the sustainability of the industry. We don’t see data consumption increasing exponentially from 16 Gb which is already a global record.”

    The company’s ARPUs stands at Rs 146 as reported in the last quarter results and “we need to quickly get it to Rs 200 and Rs 300 eventually,” he said.

    “At Rs 100, customers would be able to be on the network and be able to do a small amount of snacking, whereas at Rs 600-800 customers would be able to enjoy all benefits of data under the sun and it still would be the lowest tariffs in the world!” he said.

    In September 2016, when Reliance Jio was launched, the entire telco industry’s ARPUs dropped below Rs 100. “The industry has reached Rs 150 and soon is expected to cross the Rs 200 mark by the end of the year,” he noted.

    Broadband network expansion

    Regarding the growth of FTTH business, he said “millions of new homes and offices are enabled with FTTH broadband services and we have seen a lot of momentum in the last 12 months. Our last quarter results showed that the number of fixed broadband connections are rising exponentially.”

    The company’s home business segment added ~285,000 new customers during the last quarter to reach a 3.35 million customer base. Other than BSNL, Airtel has been in a rising position when it comes to broadband connectivity. Mittal said that CapEx allocation will be towards backhauling existing capacities and rolling out more fibre.

    Data centre business

    Regarding the data centre business, he said, “We have the right to win in this business as we know how to build data centres and have the domain expertise to run them efficiently. We have a significantly higher chance at success in this space than pureplay real estate players.”

    Nxtra Data Ltd, a wholly-owned subsidiary of Bharti Airtel is engaged in the data centre business and runs 10 large data centres and 120 edge data centres. Nxtra is building multiple large data centres across the country in Pune, Chennai, Mumbai and Kolkata to capture the significant growth opportunities in India. In July 2020, Carlyle announced that it would acquire a 25 per cent stake in Airtel’s data centre business at a valuation of $1.2 billion.

    DTH business

    Speaking about buying back its 20 per cent stake in Bharti Telemedia (D2H business) from Warburg Pincus, he said, “As we get wiser in hindsight, we realised that all our customer-facing businesses need to be in complete control of the mothership company Bharti Airtel. While infrastructure businesses like fibre and tower are different, all our go-to-market businesses need to be aligned as one. That’s why we’ve had tremendous success in the rollout of Airtel Black.”

    Digital business

    “It is difficult for companies from traditional backgrounds, even technology companies like ours to pick up on the digital momentum. It has taken Airtel four to five years to get to a point where we have got the right to call ourselves a digital company,” said Mittal. “In the coming quarters, we will talk a lot more about digital and our revenues coming from digital will also be fairly impressive.”

  • upGrad turns unicorn with $1.2 billion valuation

    upGrad turns unicorn with $1.2 billion valuation

    Mumbai: Homegrown online higher education provider upGrad has become the newest unicorn from the country after it closed a series of raises from Temasek, IFC (International Finance Corp, a sister organisation of the World Bank and member of the World Bank Group), and IIFL. The ed-tech startup has raised a total of $185 million at a value of $1.2 billion.

    “We are very focussed on our path to being in the top three to five companies globally in ed-tech and serving the one billion workforces across the age group of 18 to 60 years,” said upGrad chairperson and co-founder Ronnie Screwvala. “We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days.”

    “We will announce further updates on M&As, and unlocking value as they unfold. Yes, the last value was at $1.2 billion, but as I keep saying, we are not a fan of the tag name unicorn – for us, it is only a means to a much larger goal,” Screwvala added.

    upGrad has always been promoter-funded with the founder group still owning 70 per cent plus in the company. It is reportedly in advanced talks for a $400 million fundraise at a valuation of $ four billion.
     

  • MTV India mobilizes youth to aid India’s fight against Covid

    MTV India mobilizes youth to aid India’s fight against Covid

    New Delhi: As the country continues to reel under the impact of the second Covid wave, the need for communities to come together towards helping each other has never been more imperative. As part of its latest MTV Cancel Covid initiative, youth entertainment brand, MTV on Tuesday launched a celebrity closet fundraiser in association with e-commerce platform SaltScout that supports fundraising for social causes.

    The proceeds from – ‘MTV No Fever Sale’ conducted through Dolce Vee, a platform that conducts charity sales of preloved fashion, will be donated to Sustainable Environment and Ecological Development Society (SEEDS), a non-profit organization that specializes in building community resilience against disasters.

    The MTV No Fever Sale will let fans shop from the closets of some of the renowned actors, singers and influencers from the entertainment industry such as Rannvijay Singha, Taapsee Pannu, Shilpa Shetty, Sunny Leone, Raftaar, Terence Lewis, Varun Sood, and many more. These celebrities have come forward to donate clothes, accessories and memorable items owned by them for their fans to get a chance to shop for a cause.

    The initiative is an endeavor to mobilise the youth of the country and utilize their love for shopping for the greater good – “Shop for a Cause”, said the channel on Tuesday.

    SaltScout founder Komal Hiranandani said the initiative has brought together the country’s top talent with its fan base to make giving back more engaging and to raise awareness about the many ways in which each of us can contribute. “We are incredibly grateful to them, the panel of celebrity participants – the likes of which have never before been assembled, and the fans, who have been sincere in their efforts to help those in need every step of the way,” added Hiranandani.

    SEEDS co-founder Dr. Manu Gupta said, “Our association with MTV for a bold initiative like MTV No Fever Sale has hugely boosted our confidence of doing even more for fellow citizens.  The unique celebrity closet fundraiser is an endeavor to mobilize youth of the country, with whom we hope to ultimately reach out to most marginalised communities in the country who have limited means and access to timely health care and vaccination,” he added.

    Ranging from Taapsee Pannu’s fashionable black jacket and a white shirt she wore for the promotion of her new film to Raftaar’s swanky cap and shoes and Rannvijay’s trendy sneakers, the sale will give fans a chance to own their favourite celebrity’s belongings and extend help to those in need, said the brand. The initiative also brings to light the ever-evolving phenomenon of pre-loved sustainable shopping, which addresses the impact of carbon footprint on the planet and the need for a cleaner environment.

    “The pandemic shook the nation in ways none of us would have ever imagined and it breaks my heart to see people suffering. Amidst all the chaos, it is imperative that all of us come forward to help each other in the best possible way, and I’m happy to do my bit for a humbling initiative like this one which endeavors to mobilize the youth of the country to bring about a change,” said actress Shilpa Shetty.

    The sale is live at www.mtvnofeversale.com.