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Business News/ Companies / YuppTV to raise $50 million from PE investors, enters India market
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YuppTV to raise $50 million from PE investors, enters India market

YuppTV launches its subscription service in Indian market offering around 200 channels and 5,000 movies in 12 Indian languages

The Internet TV provider has generated user traffic of around 6 million a month so far and reaches about 300 million devices through various apps on smart TVs, smartphones, tablets, set-up boxes and gaming consoles.Premium
The Internet TV provider has generated user traffic of around 6 million a month so far and reaches about 300 million devices through various apps on smart TVs, smartphones, tablets, set-up boxes and gaming consoles.

Hyderabad: YuppTV Inc., an Internet subscription service for watching TV channels and movies, said on Wednesday that it will raise around $50 million in next 3-4 months to tap Indian market.

“The proceeds of the fund raise will be used for content and customer acquisition in India," said Uday Reddy, founder and chief executive of YuppTV.

The company on Wednesday launched its subscription service in Indian market offering around 200 channels and 5,000 movies in 12 Indian languages available across a range of Internet enabled devices through YuppTV app.

The firm has appointed one of the top New York-based merchant bankers to help raise equity as part of series-B fund raise, said Reddy, who will sell 20% of his stake to raise funds. The company has so far raised around $11 million in equity, and has another $10 million commitment from its investors on reaching certain business milestones.

Reddy of YuppTV declined to give the present valuation of the company.

The Internet TV provider has generated user traffic of around 6 million a month so far and reaches about 300 million devices through various apps on smart TVs, smartphones, tablets, set-up boxes and gaming consoles.

YuppTV clocked sales of $15 million in the year ended December, and expects to close 2015 by doubling its sales to around $30 million. Reddy said YuppTV spends about two-thirds of its sales in content acquisition.

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Published: 14 Oct 2015, 10:54 PM IST
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