Jason Kothari’s Mythik Bags $15 Mn To Recreate AI-Based Indian Mythology Content

SUMMARY

The seed round saw participation from multiple investors, including Sakal Media Group, BITKRAFT, Venture Catalysts-backed VC Grid, Visceral Capital and more

The company plans to deploy the fresh capital in scaling its content as well as tech stack

Myhtik was founded last month, with a vision to build “Disney from the East”

Mythik, an AI-powered entertainment startup launched by former Housing.com and Freecharge executive Jason Kothari, has secured $15 Mn (around INR 128.4 Cr) in its seed funding round.

The round saw participation from a host of investors, including Sakal Media Group, BITKRAFT, VC Grid, Visceral Capital, Shah Rukh Khan’s family office and Patni family office.

Besides, several high net worth individuals (HNIs), including Secretary General of Abu Dhabi Executive Council Saif Saeed Ghobash, Morphic cofounder Jaynti Kanani, Courtside Venture’s partner Deepen Parikh, Tridiagonal.ai founder Pravin Jain, former Redbird Capital director Marc Younan, and company’s founder Kothari as well.

The Mumbai-based startup plans to deploy the fresh capital to scale up its content and tech stack.

Founded by Kothari last month, Mythik is a tech-based entertainment startup which leverages AI to recreate Indian mythology, history and folk stories into short, high-quality videos, each lasting 10-12 minutes. Some of its popular titles are Ram vs Ravan : The Final Duel, ‘Shakuni’s Story and The Women of Ramanyan.

As per the startup’s YouTube and Instagram handles, it has gained more than 160K subscribers and 25K followers, respectively, since inception.

The funding round aligns with Mythik’s vision to build “Disney from the East”. Its

founding team includes former executives from global entertainment giants like Disney, Netflix, Amazon Studios, Jio and Tencent.

India’s GenAI Market Ruling The Entertainment Segment

With India’s generative AI market expected to reach $17 Bn mark by 2030, the entertainment industry is using a fair share of this technological evolution.

Besides tech-based companies leveraging AI to streamline their business operations and building use cases for consumers, entertainment startups are using this technology to uplift storytelling.

These startups are getting a lot of traction from the investors as well.

For instance, AI-powered content creation platform Mugafi recently raised $3 Mn in its seed funding round led by StartupXseed. Founded in 2020, Mugafi leverages AI to help filmmakers and writers create content online.

Similarly, Phot.ai, which allows ecommerce brands to automate the creation of product images, ad designs, and marketplace listings, also bagged $2.7 Mn in its seed funding round.

As per Inc42 report, India is home to more than 200 GenAI startups. These startups have raised more than $1.2 Bn since 2020.