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From Intel Capital and Bessemer Venture Partners.
By Dileep Thekkethil
BENGALURU: The growing market for smartphones in India has not only benefited the manufacturers but also inadvertently it has opened up new vistas for desi app developers to generate funding by attracting venture capitalists into their business.
Recently, Hungama, the popular music, video and movie app received funding of $100 million from venture capitalist firms Intel Capital and Bessemer Venture Partners who believe that the company has a future that could reciprocate their money in multi-folds.
According to TechCrunch, the media company is in the final rounds of discussion with venture capitalists firms Intel Capital and Bessemer Venture Partners, which had earlier raised $40 million for the credit of Hungama. Intel Capital had invested an undisclosed amount in Hungama back in 2012 when the company was in the nascent stage.
Founded in 2005 as a marketing and communications agency offering interactive games, promotions and brand building, Hungama soon shifted gears after noticing the growth potential of mobiles in India. Since 2009, Hungama is dedicated to providing entertainment based products and has become a major player in Indian entertainment industry.
Since the last two consecutive years, Hungama has registered tremendous growth in their business and the same is expected after this year’s financial closing.
The soon-to-be-sealed- deal between Hungama and venture capitalist firms will help the company to reach the next level, with the funds generated utilized for increasing its mobile app penetration, thus tapping more into an industry that is showing signs of further growth in the years ahead.
In addition to this, Hungama is also planning to increase its content library and might even acquire a few start-up companies that show growth potential.
Hungama has a total audience reach of 48 million till February and it has 43 million contents consumed by subscribers via mobile devices.
The market for music and video streaming industry is booming day by day in India and this has resulted in the rise of competition in this field. Hungama is currently facing stiff competition from Gaana and Saavn, the two new entrants in the streaming industry. Recently, mobile operator Airtel started their own music streaming app called Wynk service that is also gaining popularity, at least among Airtel subscribers.
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