 "Internet TV platform YuppTV set to raise $50 million in Series-B round")
Hyderabad-based converged digital entertainment, communication and advertising provider Global Takeoff, which runs Internet-based TV streaming platform YuppTV, is in the process of raising $50 million (around Rs 325 crore) in a Series-B round of funding from private equity players within the next three months, said founder and chief executive officer Uday Reddy.
"The funds will be utilised to expand our India business, especially in the areas of customer and content acquisitions," he told mediapersons today. He, however, declined to quantify the equity dilution.
YuppTV, which Global Takeoff claims to be the world's largest over-the-top (OTT) provider for Indian content, had raised $11 million since 2007, including $2.5 million in a Series-A round from serial entrepreneur-turned-investor Sashi Reddi in April 2014.
Launching the YuppTV service in India today, Reddy said the platform would offer over 200 channels in 12 regional languages. As part of its video-on-demand service, YuppTV has over 25,000 hours of video content in its catalog and 2,500 hours more is being added every day, he said.
Initially launched in the US and now expanding to other markets, YuppTV is currently available in 150 countries. With the Internet user base in India set to touch 450 million by 2019 and the broadband user base to 250 million by 2020, YuppTV has the potential to reach more than 200 million smartphone users, according to Reddy.
Stating that YuppTV is accessible on more than 25 Internet-enabled devices and that the YuppTV app has already been pre-installed in two million smart TVs and 300 million smartphones in India through tie-ups with various original equipment manufacturers, Reddy said the company had developed an adaptive 7-bit rate technology to offer Indian viewers buffer-free streaming of video content even on 2G connections.
"Our intent is to add sports channels to our bouquet of offerings to the Indian market in due course," he said, adding that plans were on the cards to create a curated marketplace on the YuppTV platform.
