Mumbai-based, Culture Machine Media Pvt Ltd, a digital video entertainment startup, has secured a Series A round of funding led by private equity firm Zodius Capital. The amount is still undisclosed by the company release, but according to ET report, it has raised USD 3.5-4 million. The company aims to utilize the raised funds for further expansion into international markets and to ramp up its engineering efforts, said co-founder Sameer Pitalwalla.
Launched around 15-months ago, as a venture of former Disney executive Sameer Pitalwalla and YouTube executive Venkat Prasad. It helps their audience in creating, executing and delivering content by identifying the right programming strategy and also set up 6,000 square feet production facility in Mumbai and Chennai for content production.
The company claims to have 40 million monthly views with over 80 million minutes of content consumed in which 55-60 per cent of the consumption is from mobile phones. It includes media brands such as Fox Star Studios, American stand-up comedy network ComedyTime, Germany’s CMajor, Norway’s Earth Three Media and The Times of India as well.
It is having business operations in Mumbai, Singapore and California and is consisting of 65 peoples in its current team. Also, the firm enables creators to grow their channels and create video programming using its production facilities in Mumbai and Chennai.
The other player also include in this space as YoBoHo, which focuses on creating entertainment content for children as well as works in the digital video space.
Mumbai-based technology-focused Zodius Capital had recently invested in Singapore-based Big Data and analytics firm Antuit.
“Culture Machine is playing a leadership role in shaping online video viewership and monetisation. They are building the largest video network in the country with great technology and analytics. We are confident we have backed the best team in the business where Culture Machine has the first-mover-advantage in building a world-class next generation digital media company,” said Gautam Patel, managing director, Zodius.Category Business Investments