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Hotstar raises Rs 5.16 billion to take on Amazon's Prime Video and Netflix

In Q1FY19, company posts Rs 5.69 billion in revenue, almost what it reported in entire FY18, backed by IPL 2018

Hotstar, Hotstar logo
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Hotstar logo. Photo: startv.in

Alnoor Peermohamed Bengaluru
Online video streaming service Hotstar, owned by Novi Digital Entertainment, has received a fund infusion of Rs 5.16 billion from Star US Holdings even as it looks to fend off competition from giants such as Netflix and Amazon’s Prime Video.

The Indian over-the-top (OTT) content firm raised the capital on July 24 at a valuation of Rs 18.49 billion (around $270 million), according to financial documents sourced from business intelligence platform Paper.vc.

The valuation of the company is being driven up by an incredibly fast-paced revenue and operating profit growth. In the three months ended June 2018, Hotstar reported Rs

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