Pressplay TV, Delhi based entertainment startup which helps the users to discover video content has raised an undisclosed amount of funding in its Series A round led by Sequoia Capital India. Other participants in the round included SD Ventures and Vistaar Investments advisors Pvt Ltd. The raised funds will be used to accelerate the operations along with scaling up the content discovery and distribution on the platform.
Prior to this, the startup had raised 2 rounds of investment, which included $2.2 million in seed funding from Sequoia as well as another $3.5 million round earlier this year.
Launched in 2013 by Ex-Zomato executives, George Abraham and Anand Sinha, PressPlay TV aims to offer curated high quality video content in all the categories to the users. The across platform and devices model works online as well as offline and has gained a lot of traction so far.
The app has a lot of content in various categories including TV Shows, Viral videos across platforms, Movies etc. The content is curated from a list of over 150 partner channels.
To gather more traction and momentum, the startup has also installed PressPlay TV hotspots at a lot of public places including shopping malls and railway stations. The business model of the startup is based on advertising.
Speaking on the development, Anand Sinha, Co-Founder PressPlay TV stated that over the last couple of years, the team has given a lot of efforts in content and distribution. At the same time, the infused funds will help the startup continue with the growth.
It has also been in talks with a lot of media houses and other content companies to grab the exclusive rights. Some of the bigger names on the list of partners include Sony India, Sun Network, Fever 104 and Lehren TV.