Roast a Delhi based mobile entertainment app has secured an undisclosed amount of funding from IAN- Indian Angel Network, investment was made under the ‘Small Ticket Funding Programme announced by IAN last year. The funds will be utilized to invest in technology platform and to acquire customers.
Sanjay Mehta Angel and PE investor who led the funding round will also join the companies board.
Roast started its operations in September 2015 by Anchal Singh and Aamer Rushnaiwala. It’s an entertainment mobile app that caters to specific need for the people who love to talk, take stand and converse on anything and everything. The app is internet’s all in one grilling depot for comedy corner, ROFL station, onw-spot destination and lol terminal.
The users have to visit multiple websites, social networks and blogs in search interesting stuff online. Whereas Roast makes access to entertainment easier.
Anchal Singh Co-founder of Roast said,
“We wanted to create an ecosystem where users can fly in, write, coupled with a sheer reading experience. Our aim is to be a premiere micro-sharing entertainment platform on mobile, catering to the ‘entertainment in short’ need of witty Indians. IAN investors have not only mentored us, but have also been a great support in guiding us and helping us make the right decisions for our business.”
Indians on an average spend 3 hours 18 minutes a day on their mobile phones, and current internet user base in India is at over 400 million and expected to reach 500 million by end of 2016.
Roast primary focus was on mentoring, financially and promoting early stage start-ups, IAN offers a fixed investment amount of Rs 25 lakh at a valuation of Rs 2.5 crore post investment. The programme also aims to provide funds to the aspiring entrepreneurs and support unique, scalable and innovative ideas having the potential to become relevant, globally and successful business.
IAN lead investor Sanjay mehta said
“The concept of Roast is new and one of its kind. We have always believed in supporting unique ideas that have the potential to disrupt. Roast is targeted at users that spend most of their time online for consuming information across subjects. With video-on-demand service providers also exploring India as a mature market clearly defines the market potential for Roast.”