PC: Exchange4media
Regional language-focused OTT platform Stage has successfully raised $12.5 million in its Series B funding round, marking another milestone in the company’s journey to redefine digital content consumption for diverse cultural audiences.
Funding Details and Investor Participation
The Series B was led by Good Water, Blume Ventures among other investors. The round also included $2.5 million of secondaries from angel investors such as Harsh Shah, co-founder of Fynd and Aayush Phumbra, the founder of Chegg. Investors including Physis Capital, Mumbai Angels, The Chennai Angels, Venture Catalysts, IPV, and many other known investors backing the business already reflect the growing faith in Stage’s business model and the market it serves. It is the continuation of an interview with Entrackr in December last year which had reported the industry’s interest in hyper-localized digital platforms.
Company Background and Market Impact
Founded by Vinay Singhal, Shashank Vaishnav and Parveen Singhal, Stage is an attempt to introduce communities together under a single platform to share stories and celebrate diverse cultural identities. The platform has a variety of trending, entertaining and informative content in different languages and dialects including Haryanvi and Rajasthani that are specially for the regional audiences. Stage is reportedly a million user base and over 4.4 million paying subscribers which makes it a formidable player in the regional OTT space.
The growth trajectory was so speedy for the company and it is shown in the company’s financial performance. Stage achieved a six times increase in revenue to Rs 17.9 crore for the fiscal year ending March 2024 (FY24). On the other hand, the losses of the firm were also simultaneously reduced by 4 per cent to Rs 22.1 crore. At present, Stage has an ARR of Rs 180 crore and is a testimony of the flourishing business model and market reach of the company.
Future Plans and Competitive Landscape
The new funding will also help Stage invest more into developing its platform and in content creation. The money will be used to make the storytelling experience richer and connect more of us around the theme of celebrating every cultural identity. This strategic investment in capital positions Stage nicely to scale its operations and upgrade its technological capabilities in order to reach an even wider audience.
At the moment, the leading regional OTT players in Stage’s ecosystem include aha video, Chaupal, Planet Marathi and OM TV. Planet Marathi achieved notable funding rounds in July 2024 when USA private equity firm A & MA Capital invested $5 million in the company, similarly, Chaupal and aha video are said to be in pen pushing for ensuing rounds of funding. The competitive environment indicates an exciting era for the use of regional OTT platforms driven by innovation and content developed exclusively for the region.
