Startup incubator and accelerator Enterprise Catalysts has not too long ago led a Rs 8.5 crore funding in STAGE, a dialect primarily based hyper-local OTT platform.
The funding spherical additionally noticed participation from a number of eminent buyers resembling Sushma Kaushik (Companion at Aavishkaar), Sachin Bhatia (Co-founder – Bulbul.television, former Co-founder – MakeMyTrip), Rohit Chanana (Sarcha Advisors), Ashish Tulsian (Co-founder – POSist), Vishal Maheshwari (India Head – VIU (OTT)), Hetal Sonpal (Prolific Angel Investor), Piyush Goel (Founder – Past Key Methods), Sawan Laddha (Founder – Workie), Janarthan Balasubrramanian (angel investor), Nandi Mehta (CFO – KAAF Investments), and Abhishek Shah (Founder, ConversionX).
“The in depth Indian market is seeking to eat top quality professionally-generated content material however nobody’s creating it. That’s the necessity hole that our firm is fixing underneath this new imaginative and prescient of constructing a ‘premium and wise content material firm for Bharat’. The funding will assist us enhance our fee of content material creation and scale distribution so as to hit the following two million customers,’’ stated Vinay Singhal, Founder, STAGE.
In 2014, Vinay Singhal, Shashank Vaishnav and Parveen Singhal created WittyFeed – a content material curation web site. The trendy-day running a blog, charticle, and listicle platform shifted its give attention to infotainment focused in direction of ‘Bharat’ final 12 months.
In 2019, WittyFeed pivoted to launch its dialect-based OTT platform ‘STAGE,’ that includes artwork types like folks, poetry, storytelling, comedy, and motivational content material in native Indian dialects. It can additionally function weekly information-led satire-based content material by fictional characters. With a possible addressable market of 450 million, STAGE claims to be the world’s first-ever dialect-based content material platform that focuses on artist-led content material as a substitute of films and net collection.
Dr Apoorv Ranjan Sharma, Co-founder and President, Enterprise Catalysts, added,
“Constructing an OTT platform requires a deep data of each expertise and content material. By shifting their give attention to performing arts as a substitute of falling into the already saturated market of films and net collection by different OTT giants, STAGE has created an ideal area of interest for themselves.”
“The required set of experiences underneath their belt in content material creation and utilizing expertise to monetize content material will assist them construct a worthwhile enterprise out of their contemporary imaginative and prescient. Because the WittyFeed founding workforce has already made their mark by turning into the second largest content material creators on this planet, it is solely a matter of time earlier than STAGE will obtain comparable success in India,” Ranjan added.
STAGE is at present pre-revenue and plans to launch a subscription for monetisation on the finish of January 2021.