Language-specific over-the-top (OTT) platform Stage with the help of Blume Ventures and Goodwater Capital, is raising Rs 84.6 crore, or roughly $10 million, in its Series B round.
According to its regulatory filing obtained from the Registrar of Companies, the board at Stage has passed a special resolution to issue 31,179 Series B preference shares at an issue price of Rs 27,137 each in order to raise Rs 84.6 crore, or $10 million.
Blume Ventures will contribute Rs 26 crore, while Goodwater Capital is leading the round with an investment of Rs 41.95 crore. Together, angels and other investors—including LV Angel, TSM Ventures, Brew Opportunities, and 27 other participants—will raise the remaining sum.
The company’s post-allotment valuation is expected to be approximately Rs 674 crore, or $80 million, according to the media.
By the time this Series B funding round concludes, Stage will have raised about $19 million overall. According to documents that Media examined, Blume Ventures will hold the largest share of external stakeholders with 13.03%, followed by Goodwater Capital with 6.24%.
Stage is a hyper-localized over-the-top (OTT) platform that was launched in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal. It provides trending, entertaining, and educational content in a number of languages and dialects, including Rajasthani and Haryanvi.
According to the company, it has over 1.2 million paying customers in Haryana alone, and it adds 250,000 new customers every month.
For the previous fiscal year (FY24), Stage has not yet released its annual results. The business reported net revenue of Rs 2.94 crore for FY23, but it also reported a loss of Rs 23 crore during that time.
