To set up high-end 3 D animation development centre
At a time when the global animation and multimedia industry is in a great depression, city-based DQ Entertainment has managed to raise a third round funding of $3 million from IFC, Washington, the private sector arm of World Bank.
Significantly, this is only the third investment for IFC in the media sector globally. DQ has earlier raised a total $ 2.25 million in two rounds from Srini Raju-promoted I Labs and TDA Capital Partners in the first round ($2 million) and IL&FS Investment Manager in the second round ($ 0.25 million).
More From This Section
The fast growing, but low profile 2D and 3D animation company has already bagged $10 million worth projects from global animation companies in Italy, France, Spain, Canada and US within just seven months of its commercial operations. It is working on five TV serials and a 90-minute feature film for the Spanish client.
According to Tapaas Chakravarti, the MD and CEO of the company, another $10 million worth projects are in the pipeline for which the MoUs were already signed but the contracts are yet to be signed. While the existing projects are expected to be completed by July 2004, those in the pipeline are expected to be completed by mid 2005.