PressPlay TV a Video content discovery platform based in Delhi has raised an undisclosed amount of its Series A round of funding from Sequoia Capital, Vistaar Investment advisors Pvt Ltd and SD Ventures.
The funds will be used expand its operations, to accelerate development of content discovery & distribution on its platform. Earlier it raised a funding of $2.2 million as seed funding form Sequoia Capital.
It was founded in 2014 by Zomato’s ex employees Anand Sinha and George Abraham. It provides its users with high quality, best in class and curated video content which they can access anywhere, anytime across devices and platform. Using a Hybrid Delivery model it provides a free video content ‘on and Off line’.
It revenue model is based on advertising. App is free for users who spend an average time of 45 minutes on PressPlay TV. Its competitors includes Eros Now, Lukup Media, HOOOQ, Hotstar, and others launching this year.
It has 150 content partners and channels offering TV shows, movies, viral and trending internet videos across fashion, news, comedy and high quality content. It claims to have 1 million active users. Currently it has around 3000 hotspots installed across India with around 1 million active users a month. Till date 5 million users have experiences the app.
It’s broadband speed is not consistent across many geographies, mix of strategically placed PressPlay TV hotspots at buses, malls, coffee shop, railway platform, trains, and traffic areas, with streaming over the internet to deliver high quality video content.
Anand Sinha co-founder of PressPlay TV said
“Over the last 2 years, we have been working tirelessly to get the two industries – Entertainment & Distribution – married together in a meaningful way. This investment will support our continued growth, as well as the ongoing development of new features and products, keeping us at the forefront of innovation.”
The startup claims to be one of the India’s largest video discovery platform across more than 100 of india’s top content creaters including web series, Bollywood, travel, food, news, comedy and more. It has also added licensed content from some of the top companies including Sun network, Lehren TV, Fever 104 and Sony India.