Regional language-focused over-the-top (OTT) platform Stage has raised $12.5 million in its Series B round led by Good Water and Blume Ventures.
The round also included $2.5 million worth of secondaries for some angel investors such as Harsh Shah (co-founder of Fynd), Aayush Phumbra (founder Chegg). Physis Capital, Mumbai Angels, The Chennai Angels, Venture Catalysts, IPV and other existing investors also participated.
Entrackr had exclusively reported the Series B round in December last year.
The company will use the funds to share more stories, connect with more people, celebrate diverse cultures, and uphold the value of every cultural identity.
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 20 million users and over 4.4 million paying subscribers.
For the fiscal year ending in March 2024 (FY24), Stage reported a six-fold jump in its revenue to Rs 17.9 crore, while it managed to reduce its losses by 4% to Rs 22.1 crore.
According to the company, its current ARR stands at Rs 180 crore.
In the regional OTT players, it has competitors like aha video, Chaupal, Planet Marathi, and OM TV. In July 2024, Planet Marathi raised $5 million led by USA-based private equity firm A & MA Capital. Chaupal and aha video are reportedly in talks to raise new round.
