Top News

Hungama.com in talks to raise $100 mn from Intel Capital & Bessemer Venture

Music & video-on-demand service Hungama is reportedly in talks to raise more than $100 million, reports TechCrunch, citing sources. 

According to the report, the company is in advanced talks with existing investors Intel Capital and Bessemer Venture Partners, which fronted a $40 million raise last summer. Intel Capital invested an undisclosed sum in the business in 2012.

Music & video-on-demand service Hungama is reportedly in talks to raise more than $100 million, reports TechCrunch, citing sources. 

According to the report, the company is in advanced talks with existing investors Intel Capital and Bessemer Venture Partners, which fronted a $40 million raise last summer. Intel Capital invested an undisclosed sum in the business in 2012.

Founded in 2005, Hungama started off as a marketing and communications agency that offered services such as interactive gaming, lead promotion and community building for brands. Eying the growth of mobile, it branched out to entertainment in 2009, and today it is arguably India’s most prominent player in that space. The original, marketing-focused side of the business was sold to WPP in 2012.

According to the report, the new funding round will be used to grow the company’s footprint on mobile, tapping into the vast growth in adoption of smartphones that is expected in India. Hungama will invest to develop its technology, platforms and increase its content libraries. The company could also use the money to acquire other market players, reports TechCrunch, citing sources.

The total audience for Hungama’s services hit 48 million users in February. Of that figure, a whopping 43 million consumed content on a mobile device, with 13.8 million paying for some form of content across its platform. Hungama’s services were used by 227 million consumers during its last financial year, with around one-third spending money in some way.

In other news, Hungama recently announced that it now brings popular Disney and Marvel movies to its viewers. The service now gives viewers a chance to experience the best of Marvel action and the magic of Disney movies at their convenience.

Come March, viewers across the Indian Sub-continent including India, Sri Lanka, Nepal, Pakistan and Bangladesh can stream their favourite movies at the click of a button across PC’s, laptops and mobile devices. Blockbuster superhero films like Iron Man 3, Marvel’s The Avengers along with the much loved animated films like Toy Story, Tarzan, Tangled, Ratatouille, The Incredibles, Cars, The Jungle Book, Wall-E, Up and many more will be available to viewers to choose from. The movies will be available for a fee starting at Rs. 75 for TVOD and for Rs. 149 (SD) and Rs. 249 (HD) for SVOD titles. 

Commenting on the catalogue addition, Siddhartha Roy, CEO, Hungama.com said, “We are extremely pleased to announce the addition of Marvel and Disney’s catalogue to our streaming service. Over the years, the rich history of these movies has touched all our lives in one way or another. Hungama is proud to add this to our catalogue. Anticipating the interest in the catalogue, we are also offering a special VOD subscription to our viewers for the same and we are sure our users will have a great time enjoying them.”

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close