Multi channel networks have gathered a lot of popularity in this funding era. Result of which is Ping Digital Network raised its second round of fundraising from angel investors last week.
A group of angel investors which was headed by Monisha Advani of Emmay invested in the second round, leaving about 65 per cent stake with the promoters.
Govindraj Ethiraj, founder of Ping Digital Network said,”The capital that we have raised through the second round of divestment would be used as growth capital. While the venture capital investors are still treading cautiously on digital startups, we see huge interest from angel investors.”
There has been a substantial increase in the number of internet mobile users who watch content on online streaming services. There is a boom which is yet to happen in this sector.
Culture Machine, another MCN, had raised $3.5 Mn from Mumbai-based Zodius Capital last year. YoBoHo, Whackedout Media, Nirvana Digital and One Digital are among the other domestic players.
PING is a multi-channel talent platform for digital media and also partners with google for providing India content. With a fan following of over 200k, the company boasts of about 158 YouTube Channels across genres including entertainment, fashion, food, health and fitness, lifestyle, and technology.
