Stage OTT Platform Set to Raise $15 Million in New Funding Round Led by Goodwater Capital

• ByStartupStory     |    November 5, 2024

Regional language-focused over-the-top (OTT) platform Stage is reportedly close to securing $15 million in a funding round led by a new investor, Goodwater Capital, with additional participation from existing backers. This development comes as the company continues its push into the hyper-local OTT space, focusing on content in regional languages and dialects, including Haryanvi and Rajasthani, as reported by Entrackr.

According to sources who spoke with Entrackr, “Goodwater Capital has offered a term sheet to spearhead the round while existing backers including Blume Venture are also joining in,” said one of the sources requesting anonymity as talks are private.

Founded in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage has positioned itself as a pioneer in localized content, claiming over 1.2 million paying subscribers in Haryana alone. With a strong foothold in regional content, Stage reportedly gains an average of 250,000 new subscribers each month. Its efforts align with broader industry trends, with a recent Ficci-EY media report forecasting that vernacular content will make up 55% of all OTT production as the market continues to expand.

This latest funding round marks a continuation of Stage’s momentum. In January 2023, the platform raised Rs 40 crore (approximately $4.8 million) led by Blume Ventures. Prior to that, the company secured $2.5 million in a pre-Series A round in January 2022 and $1.5 million from Venture Catalysts in November 2020. Stage also raised an undisclosed sum from Olympic gold medalist Neeraj Chopra last year. During its last funding round, Stage was valued at Rs 290 crore (about $35 million), according to financial data from TheKredible.

“Stage might be valued at approximately $80 million to $100 million (post-money). The deal is almost final and if nothing goes wrong at the last moment, the deal will be announced soon,” noted another source.

The funding comes as Stage faces competition in the regional OTT landscape from platforms such as aha video, Chaupal, Planet Marathi, and OM TV. Recently, Planet Marathi secured $5 million in funding led by A & MA Capital, a private equity firm based in the United States. Chaupal and aha video are reportedly also exploring new funding opportunities.

Stage’s ability to capture the rapidly growing regional content market signals a promising future for the platform and other vernacular OTT services, as audiences increasingly seek content in their preferred languages and dialects.

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