Music and Movie streaming company Hungama is reportedly looking to raise a fresh $100 Million round from existing investors Intel Capital and Bessemer Venture Partners, sources close to the deal told TechCrunch.
While the investment is still in talks, this still shows investors’ continued and rapidly growing interest into India’s mobile-only startup ecosystem. Hungama had earlier raised a $40 Million round from Bessemer Venture Partners, with an undisclosed sum being invested by Intel Capital in 2012.
The content streaming service will be using fresh capital for further product development and expansion of its mobile and web presence.
Hungama, which offers music and film streaming services via its mobile and web platform to Indian audience, is already profitable and one of the most successful players in the domain. Hungama runs its services on a subscription basis, and has been able to gain a whopping 13.8 million paying customers. That is staggering, considering the unwillingness among Indian audience for paying for content-related services.
Hungama has been hugely successful via its free offering too. It hit 48 Million users in February with a ground-breaking 43 Million out of those coming via Mobile. That too, is hugely impressive as many mobile-only firms still struggle to gain that sort of traction and audience.
What also sets Hungama apart, is it numerous partnerships with Telecom Operaters. That, allows the company to break into even those audience, who may not be already of the existence of such services.
Hungama’s more recent competitors include the just-debuted service Rdio, and TOI-Group backed Gaana.com