Homegrown OTT Platform STAGE Raises Rs 3.5 Cr In Angel Funding
STAGE, a Delhi-based OTT platform, has raised Rs 3.5 crore in an angel funding round led by Inflection Point Ventures.
The funding round also saw participation from Paytm’s Vijay Shekhar Sharma, along with Sprout Investments Fund and Giri Malpani (Malpani Ventures).
As per the official statement, STAGE plans to use the funds for building a stronger content library and launching a subscription service of their platform.
Started by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal in 2019, STAGE is a digital, hyper-localised, professionally-generated content platform offering trending, entertaining, and informative content in multiple languages and dialects.
The OTT platform claims to be the world’s first OTT platform for standup artforms in local dialects such as poetry, comedy, storytelling, folk, and many more.
Talking about the investment, Vinay Singhal, Co-founder and CEO of STAGE, said,
“We found the right partner in IPV as their turnaround time, founder-friendly processes helped us in closing the round quickly. IPV actively leverages its investor network strength to help its portfolio companies. They are aligned with us on our vision to build the most hyperlocal vernacular OTT platform ever built for Bharat.”
STAGE’s app has over 1.5 million downloads in Haryana alone, and it is now available in the Rajasthani dialect too. The OTT platform aims to reach about 500 million users in the next five years and plans to launch new dialects such as Bhojpuri, Maithili, and Magadhi in 2021.
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