OTT Platform STAGE To Raise INR 84.61 Cr Via Preferential Issue

Regional over-the-top (OTT) platform Stage is set to raise INR 84.61 Cr (around $9.9 Mn) from a clutch of investors via issuance of preference shares. 

In a filing with the ministry of corporate affairs, the company said its board approved the issuance of 31,179 Series B compulsorily convertible preference shares (CCPS) at a face value of INR 10 each and a premium of INR 27,127 per share to raise the aforementioned sum.

While Goodwater Capital will invest INR 41.95 Cr, Blume Ventures will infuse INR 26.01 Cr into the company. 

Other investors participating in the funding round include IA Growth Opportunities Fund I, TSM Ventures, LV Angel Fund and Brew Opportunities Fund among others.

Founded in 2019 by Shashank Vaishnav and Vinay Singhal, STAGE is an entertainment platform that streams regional shows and movies specifically in Haryanvi and Rajasthani. It creates content like web series, poetry, and storytelling, among others. 

STAGE will soon launch Bhojpuri shows on its streaming platform. The startup claims to have more than 3 Mn subscribers. 

Earlier this year, STAGE appointed Harsh Mani Tripathi as cofounder who had also served the startup earlier as its Chief Product and Strategy Officer between 2018-2020.

Last year, the OTT platform secured an undisclosed funding from Olympic champion Neeraj Chopra.

In 2023, STAGE raised INR 40 Cr ($4.83 Mn) in a funding round led by Blume Ventures, with participation from NB Ventures, Dholakia Ventures,

The startup also participated in Shark Tank Season 2 last year where Singhal said that the startup has raised money in three rounds of funding so far. In 2020, Stage had raised INR 10 Cr at a pre-money valuation of INR 65 Cr.

STAGE counts the likes of Better Capital, IPV, TCA, Venture Catalysts amongst its investors. 

In the regional OTT space, STAGE competes with the likes of aha Video, Planet Marathi, and Hoichoi.