Regional OTT App Stage Secures USD 10 Million Led by Goodwater Capital

Region language centric over-the-top (OTT) platform Stage is raising Rs 84.6 crore approximately USD 10 million in its Series B round led by Goodwater Capital in conjunction with the participation of Blume Ventures.

The board at Stage has passed a special resolution to issue 31,179 Series B preference shares at an issue price of Rs 27,137 each to raise Rs 84.6 crore or USD 10 million, its regulatory filing accessed from the Registrar of Companies shows.

Goodwater Capital is leading the round with an investment of Rs 41.95 crore, while Blume Ventures brings in Rs 26 crore. The rest will be put together from angels and other investors, including LV Angel, TSM Ventures, Brew Opportunities, and 27 more participants. TheKredible, a platform for data intelligence for startups, has said that the post-allotment valuation of the company will be approximately Rs 674 crore or USD 80 million.

Following the completion of this Series B funding round, Stage will have raised approximately USD 19 million in total. According to documents reviewed by Entrackr, Blume Ventures emerged as the biggest external stakeholder with a stake of 13.03 percent, followed by Goodwater Capital with 6.24 percent in the company.

Stage, an OTT platform, was launched for the hyper-localization of trends, entertainment, and informational content in various languages and dialects-including Haryanvi and Rajasthani-in the month of November by Vinay Singhal, Shashank Vaishnav and Parveen Singhal.

The company claims more than 1.2 million paying subscribers in Haryana alone and the figure is increasing at about 250,000 subscribers every month. The annual results are yet to be released by Stage for the previous fiscal year FY24. The company posted a net revenue of Rs 2.94 crore during FY23 with a loss standing at Rs 23 crore for the same period.