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Spuul.com plans to raise $100 mn
MUMBAI: For over-the-top (OTT) players having an India focus, the hunt for capital infusion has started. Spuul.com, which streams movies and television shows, is looking to raise between $75 million and $100 million to fund its next stage of expansion.
Spuul.com is looking at original content to give it a push against a host of other competitors. In India, broadcasters like Star India, Multi Screen Media and Zee have got into the space with Hotstar, Sony Liv and Ditto TV respectively. There is also Eros Now.
Spuul-logoSpuul.com, which provides online Indian content, is in talks with Softbank Group and Providence Equity Partners to raise capital, The Economic Times has reported. It has mandated Macquarie Group for this purpose.
Spuul is founded by Sudesh Iyer (one of the founder-promoters of Sony Entertainment Television India who sold his stake), S Mohan (founder of Accellion and buUuk) and Subin Subaiah (a banker).
The Singapore-based company has monthly revenue of $1.5 million, according to ET. Nearly 60 per cent of its total subscriber base is in India while the rest is from the diaspora in the US, Australia and other global markets.
Spuul.com is an ad-supported subscription service. It offers both free and paid services.