Highlights
Stage Raises $10 Million in Series B Funding to Enhance Regional OTT Services
Stage, a platform focused on delivering content in multiple regional languages, is poised to secure ₹84.6 crore (around $10 million) through its Series B funding round. This initiative is led by Goodwater Capital and supported by Blume Ventures, aiming to strengthen the company’s foothold in the over-the-top (OTT) market.
Recent filings wiht the Registrar of Companies reveal that Stage’s board has sanctioned a special resolution for issuing 31,179 Series B preference shares valued at ₹27,137 each. this strategic move is crucial for reaching their funding target of ₹84.6 crore or $10 million. Insights from startup Superb indicate that this investment will significantly influence Stage’s future direction.
Funding Breakdown
The details surrounding this fundraising effort are as follows:
- Goodwater Capital plans to invest ₹41.95 crore.
- Blume Ventures aims to contribute ₹26 crore.
- The remaining funds will be sourced from angel investors and other entities such as LV Angel, TSM Ventures, Brew Opportunities, along with an additional 27 contributors.
Forecasts suggest that once this financing round concludes, Stage’s valuation could potentially rise to around ₹674 crore or $80 million. Following the completion of the series B investment round, Stage’s total capital raised will approach nearly $19 million. Documentation indicates that Blume Ventures is expected to emerge as the largest external shareholder with a 13.03% stake while Goodwater Capital will hold a 6.24% interest.
Company Profile and Growth Statistics
Established in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage specializes in providing hyper-localized OTT content featuring captivating material across various languages and dialects including haryanvi and Rajasthani. Key performance metrics include:
- A subscriber base surpassing 1.2 million, predominantly located in Haryana.
- A robust growth rate with 250,000 new subscribers added monthly.
Although Stage has yet to disclose its annual results for FY24; during FY23 it reported net revenues amounting to ₹2.94 crore, alongside losses totaling ₹23 crore.