US-based YuppTV, an Internet based TV streaming service provider which on Wednesday launched its service in India, plans to raise $50 million (roughly Rs. 325 crores) to fund its expansion.
Uday Reddy, founder and CEO of YuppTV, told reporters on the sidelines of the launch event here that the company has so far raised $11 million (roughly Rs. 72 crores) and will be raising another $50 million in three to four months.
YuppTV, the world's largest Over-The-Top (OTT) provider for Indian content, has set a target of $20 million to $30 million (roughly Rs. 130 crores to Rs. 195 crores) turnover for the current financial year. Last year the turnover was $15 million to $16 million (roughly Rs. 98 crores to Rs. 104 crores), he said.
The launch event was attended by cricket legend Brian Lara, actress Parineeti Chopra and Telangana's Information Technology Minister K.T. Rama Rao.
Founded in 2006, with headquarters in Atlanta, YuppTV offers over 200 television channels in 12 languages that meet the entertainment and information-based needs of South Asians across the world.
Apart from live TV experience without buffering, YuppTV offers catch-up TV technology, whereby viewers can watch TV content from past 7 days and never miss their favourite shows.
Viewers will also have access to more than 5,000 movies and hundreds of TV Shows on their TV at the click of a button. As part of the Video On Demand (VOD) service, YuppTV has over 25,000 hours of video content in its catalogue and 2,500 hours more is added every day.
Uday Reddy said the launch in India was delayed due to video infrastructure challenge.
"There is no other platform where you can watch linear TV, catch-up, videos, movie on demand and TV shows," he said.
Its network has content from Pakistan, Bangladesh and Nepal and plans to add Spanish.
Uday Reddy said they now plan to build a curated video marketplace, a platform offering searchable good quality content which is not available on satellite.
"Lot of good content is created but don't get the platform because there are limitations in terms of number of channels on satellite broadcast and cable. OTT wants to be technology enablers for all content providers," he said.
Last month, YuppTV launched it services in Trinidad and Tobago by signing a deal with the Telecommunications Services of Trinidad and Tobago, of which Brian Lara is the brand ambassador.
YuppTV service is accessible on multiple Internet-enabled devices - smart TVs, smart phones and tablets. YuppTV app can be downloaded on any Android and iOS device.