Rusk Media Secures Rs 74 Crore in Series B Investment
Rusk Media, an innovative digital entertainment firm, is raising Rs 74 crore (around $8.5 million) through its Series B funding round, spearheaded by Woori Venture Partners. The round also sees contributions from the New Emerging Technologies Fund, LC Nueva Investment Partners, and other investors.
The board at Rusk Media has officially approved a resolution to issue 11,663 Series B compulsory convertible preference shares, valued at Rs 63,493 each, to secure the stated funds, as detailed in their regulatory filing sourced from the Registrar of Companies (RoC).
Woori Venture Partners will take the lead in this investment round with a contribution of Rs 26 crore, while New Emerging Technologies Fund, LC Nueva Investment Partners, and Yashaa Global Capital are set to invest Rs 16.5 crore, Rs 15 crore, and Rs 10 crore, respectively. The remaining funds will be collectively provided by Info Edge, LetsVenture, and Nodwin Gaming.
As outlined in the filings, the capital raised will be allocated towards growth and working capital requirements aligned with the company’s business strategy.
A separate filing indicates that Rusk Media’s board has approved the expansion of its Employee Stock Option Plan (ESOP) by adding 2,828 employee stock options valued at Rs 18 crore. Additionally, the Management Stock Option Plan (MSOP) will be increased by 5,656 management stock options worth Rs 35.9 crore.
In total, the company has raised approximately $20 million to date, which includes its $9.5 million Series A funding round led by DAOL Investment and Audacity Ventures. According to estimates from Startup Superb, the company’s post-allotment valuation is expected to be around Rs 468 crore or $54 million.
Based in New Delhi, Rusk Media is recognised for its engaging content and intellectual properties on social channels, such as Alright! and Playground, which achieve over 500 monthly views, as well as their shows featured on OTT platforms.
In the previous fiscal year (FY24), Rusk Media reported a substantial 40.6% year-over-year growth in revenue, reaching Rs 56.8 crore. Simultaneously, the firm’s losses decreased significantly by 56%, amounting to Rs 28.7 crore.