Regional Language-focused OTT Platform Stage Secures $12.5 Million
The regional language-focused OTT platform Stage has successfully raised $12.5 million during its Series B funding round, which was led by Good Water and Blume Ventures. The funding round also incorporated $2.5 million in secondary funding for several angel investors, including Harsh Shah, who is the co-founder of Fynd, and Aayush Phumbra, the founder of Chegg. Other participants in this round include Physis Capital, Mumbai Angels, The Chennai Angels, Venture Catalysts, IPV, and various existing investors.
Startup Superb had initially reported the Series B round back in December of the previous year.
The funding raised will be allocated towards sharing more narratives, forging connections with a broader audience, honouring varied cultures, and preserving the essence of each cultural identity.
Founded in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage operates as a hyper-localised OTT platform, presenting entertaining, informative content in numerous languages and dialects, including Haryanvi and Rajasthani.
The company boasts a user base of 20 million, with over 4.4 million paying subscribers.
Stage has yet to submit its annual financials for the previous fiscal year (FY24). For FY23, the firm reported a net revenue of Rs 2.94 crore, while sustaining a loss of Rs 23 crore during the same period.
As per the company data, their current Annual Recurring Revenue (ARR) stands at Rs 180 crore.
In the regional OTT landscape, Stage competes with various players such as aha video, Chaupal, Planet Marathi, and OM TV. Notably, in July 2024, Planet Marathi successfully raised $5 million, led by the USA-based private equity firm A & MA Capital. Reports indicate that both Chaupal and aha video are currently in discussions to secure new funding rounds.
