Comments
YuppTV, which distributes TV content over the Internet, is going to raise $50 million in the Series-B funding round. The firm, which has raised $10 million so far, will infuse the amount shortly before going for the Series-B funding from a different set of investors.
Cricket legend Brian Lara formally launched the Indian services of the firm on Wednesday, which is headquartered in the US, and a development centre in Hyderabad. About 90 per cent of the 200 employees work out of Hyderabad.
The firm had registered a turnover of $15 million last year and targets to touch $25 million this financial year. The current investors have a stake of less than 20 per cent and the new funding round could see dilution of about 20 per cent. “We hope to complete the new round of funding in 3-4 months. We are going to use the proceeds to expand operations in India and on customer acquisition,” Uday Reddy, founder and Chief Executive Officer of YuppTV, said.
Addressing a press conference here on Wednesday, he said the company offered about 200 channels in 12 regional languages and a movie library of 5,000 films. “We are in the process of developing a curated video content platform. We have about 10,000 hours of TV content. We will provide real-time recommendations to the viewers,” he said. In the first phase, the firm will focus on metropolitan areas and those who use smart phones.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.