Hungama.com, Indian on-demand digital entertainment store-front, is in advanced talks with its existing investors Intel capital and Bessemer Venture Partners to raise more than $100 million.
As per a TechCrunch report, Hungama will invest to develop its technology, platforms and increase its content libraries as well as to acquire small market players. In July 2014, both investors had invested $40 million in the company and in 2012, Intel invested an undisclosed sum in the firm.
Hungama, is a part of Hungama Digital Media Entertainment Pvt Ltd. that is involved in publishing and distribution of Bollywood and South-Asian entertainment content in the world. It claims to have partnership with over 400 content creators, record labels,studios, broadcasters, game publishers and serves content to consumers in 47 countries across mobile, internet and IPTV services on a Managed Services Platform.
In September 2014, Hungama had launched its ‘PRO’ service for iOS users. The PRO service offers integrated video streaming without Internet. Also, in December 2014, Hungama had entered into a strategic partnership with India’s online marketplace Snapdeal, to offer digital entertainment content to its shoppers.
The company’s main competitor include Times India-owned Gaana, Saavn which recently hit 11 million monthly users and Rdio, which entered India in January having acquired Dhingana in 2014 and Airtel’s Wynk service.