Muvizz.com, a video-on-demand website, is in advanced stages of discussions to raise about $2 million from angel investors and venture capital funds.
The Singapore-headquartered firm, which has majority of its operations in India, expects to close the funding by November. The company will use the proceeds of the Series A (first institutional investment in a start-up) funding to upgrade its existing technology and buy exclusive content.
“We are in talks with at least eight investors including retail, angel investors and early-stage venture capital firms both in India and Singapore. It has not been closed yet, but we expect to tie-up in a month,” said Muvizz.com CEO and co-founder Abhayanand Singh. The start-up, a dedicated platform for independent film-makers, would use part of the funding to launch a mobile app that will enable users to watch movies on TV. The app is slated to be launched by mid-November.
A portion of the funds would be used to build a library of films across languages and genres, he added.
Muvizz, a company started by Singh along with TV serial and documentary producer Piyush Singh, had launched operations on June 22. The platform, which counts Eros Now, Hungama Play, Spuul and BoxTv as competitors in the movie-on-demand space, has 90 per cent of its movie content in Indian languages.
In October, the start-up raised a seed round of $350,000 from three high networth individuals Ashish Todi, Abhinav Patodia and Kumar Shwetabh.