Shark Tank participant STAGE raises Rs.40 crore in Series A
What's the story
STAGE, a participant in season two of Shark Tank India, has raised Rs. 40 crore in its Series A funding round. The Indore-based OTT platform was founded by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal.
The trio was behind the popular content company WittyFeed.
The funding round was led by Blume Ventures and included several new and existing investors.
Context
Why does this story matter?
The popularity of OTT platforms has exponentially increased in the last few years. However, the global platforms that strive to become the front-runner in India's OTT market often lack content for local dialects.
This has left a void space. STAGE aims to fill that void by providing hyper-local content.
Considering the number of dialects in India, the sky is the limit for STAGE.
Valuation
The company is valued at Rs. 290 crore
STAGE is a hyperlocal, dialect-based OTT platform. Founded in 2019, it started with Haryanvi content.
The platform claims to have 225,000 subscribers. Before the Rs. 40 crore Series A, it had raised Rs. 31 crore, bringing the total capital raised to Rs. 71 crore.
Per Business Insider India, the company is currently valued at Rs. 290 crore.
Investors
Blume Ventures led the funding round
Other participants in the funding round led by Blume Ventures include NB Ventures, Dholakia Ventures, TSM Ventures, WeFounderCircle, Mumbai Angels, Tarmac Ventures, Tailwind Ventures, Longtail Ventures, Lets Ventures, and AngelList.
The funding round also saw some existing investors throwing their hats into the ring. They are Better Capital, IPV, TCA, and Venture Catalysts along with some angel investors.
Vision
STAGE aims to expand to top 20 dialects in India
Explaining STAGE's vision, co-founder Vinay Singhal said that STAGE plans to "capture over 25 million households watching video content in Haryana and Rajasthan by mid-2024."
By 2027, the company aims to expand to the top 20 dialects in India. It is currently adding 25,000 subscribers every month.
"STAGE's vision is to become a platform for entertainment, connection, and celebration of cultures," he added.