STAGE, an India based regional over-the-top (OTT) platform, has successfully raised $12.5 million (~ ₹107 crore) in a Series B funding round. The investment was led by Goodwater Capital and Blume Ventures, with $10 million in primary funding and $2.5 million allocated for secondary transactions benefiting angel investors.
Other investors who participated in this round include Physis Capital, Harsh Shah (Co-founder of Fynd), Aayush Phumbhra (Founder of Chegg.com), The Chennai Angels, Inflection Point Ventures, Venture Catalysts, Mumbai Angels, and more.
“This [funding] isn’t about money. It is a validation that India’s regional cultures deserve to shine. It is about envisioning a world where everyone is proud of their cultural identity,’ Vinay Singhal (Co-founder and CEO of STAGE) said in a LinkedIn post.
Founded in 2019 by Vinay Singhal, Parveen Singhal and Shashank Vaishnav, STAGE is dedicated to providing content in regional languages, aiming to bridge the gap between traditional cultures and modern entertainment platforms.
In fact, the CEO – Vinay Singhal claims that STAGE’s influence extends beyond entertainment. According to him, by providing content in native dialects, the platform boosts connections between generations, allowing younger audiences to explore and appreciate their heritage. Additionally, the startup also offers regional artists a platform to showcase their work in their mother tongues, preserving the authenticity and soul of their stories.
In terms of numbers, the platform currently offers content in Haryanvi, Rajasthani, and Bhojpuri, acquiring over 4.4 million paying households and reaching an annual recurring revenue (ARR) of ₹180 crore. While, in FY23, the company posted a net revenue of ₹2.94 crore.
Earlier in December 2024, some reports emerged suggesting that STAGE was raising around $10 million (~ ₹84.6 crore) in its Series B round. The funding round was reportedly led by Goodwater Capital, with participation from Blume Ventures. After the investment, the company was expected to be valued at around ₹674 crore post-allotment.
Previously, in 2023, STAGE secured $4.83 million (~ ₹40 crore) in funding, led by Blume Ventures with participation from NB Ventures and Dholakia Ventures. In the same year, Olympic champion Neeraj Chopra invested an undisclosed amount in the OTT platform. Even in 2020, Stage had raised ₹10 crore at a pre-money valuation of ₹65 crore.
Speaking more about STAGE, last year the company appointed Harsh Mani Tripathi as a co-founder (who previously served as Chief Product and Strategy Officer). The startup also appeared in Shark Tank India Season 2.
The latest funding boost becomes more significant considering the Indian OTT market (valued at over $3.7 billion in 2023) is projected to reach $22.1 billion by 2032. This growth is likely to be driven by expanding internet access and the increasing penetration of smartphones across the country.
