Regional language-focused over-the-top (OTT) platform Stage is raising Rs 84.6 crore (approximately $10 million) in its Series B round led by Goodwater Capital and with the participation of Blume Ventures.
The board at Stage has passed a special resolution to issue 31,179 Series B preference shares at an issue price of Rs 27,137 each to raise Rs 84.6 crore or $10 million, its regulatory filing accessed from the Registrar of Companies shows.
Entrackr reported on this deal last month.
Goodwater Capital is leading the round with an investment of Rs 41.95 crore, while Blume Ventures will contribute Rs 26 crore. The remaining amount will be collectively raised from angels and other investors, including LV Angel, TSM Ventures, Brew Opportunities, and 27 additional participants.
According to the startup data intelligence platform TheKredible, the company is set to be valued at around Rs 674 crore or $80 million post-allotment.
Following the completion of this Series B funding round, Stage will have raised approximately $19 million in total. Documents reviewed by Entrackr indicate that Blume Ventures will emerge as the largest external stakeholder with a 13.03% share, followed by Goodwater Capital, which will hold 6.24% of the company.
Launched in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage serves as a hyper-localized OTT platform, offering trending, entertaining, and informative material in various languages and dialects, including Haryanvi and Rajasthani.
The firm claims to have over 1.2 million paying subscribers from Haryana alone and is gaining 250,000 new subscribers each month.
Stage is yet to post its annual results for the previous fiscal year (FY24). During FY23, the company posted a net revenue of Rs 2.94 crore, with a loss standing at Rs 23 crore in the same period.
Source: Entrackr : Latest Posts
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