STAGE, a Delhi-based OTT platform, has now revealed that it has secured INR 3.5crore in an angel funding round backed by the Inflection Point Ventures.
Vijay Shekhar Sharma and Sprout Investments Fund also participated in the funding round.
According to the report, the startup as of now, has plans to use the new funds for building a stronger content library and launching a subscription service of their platform.
STAGE is founded by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal in the year 2019. It is a digital hyper-localized, a professionally generated content platform offering entertaining, trending and informative content in multiple dialects and languages.
The startup also claims to be the first of its kind, artist-led and dialect based OTT platform that offers sensible and premium content via stand-up art forms such as comedy, storytelling, poetry, folk, and many more.
Speaking about the new development, Vinay Singhal, Co-founder and CEO, 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.”
He added, “We believe that languages are just an urban concept in our country; the moment we move beyond the urban settlements, everyone speaks a dialect. The great thing is most of these dialects are as big as some of the European languages. It is not just a great business opportunity to create quality content in these dialects, but it is absolutely necessary to preserve the unique diversity and culture of our country for the next generation.”
Commenting on the investment, Mitesh Shah, Co-founder, Inflection Point Ventures, added,
“India is made of micro countries, with markets that are different from each other. While the Hindi/English language dominated OTT platforms have changed the decades-old entertainment rules, we believe vernacular OTT platforms will be the next wave, considering we have large regional media consumption in the country. Tamil, Telugu, Marathi, and Bengali are some of the biggest regional content churning industries with much higher viewer engagement statistics.”
“STAGE is the first and the only dialect-based OTT platform in India. With over 1.5 million downloads in Haryana alone, the platform is all set to build the most hyper-local content company ever built in the world. Focusing on the diversity of the country, STAGE is gradually taking up different regions and increasing its penetration. Its uniqueness in the idea and a great founding team helped IPV decide to fund the startup,” he added.