Company Name : Hungama
Funding Amount : $25 Million
Investor(s) Xiaomi
Funding Round : Not Disclosed
Chinese smartphone maker has led an investment round of $25 million in Hungama, a video and music streaming service. Existing investors including Intel Capital, Bessemer Venture Partners and Rakesh Jhunjhunwala also participated in the round.
This is Xiaomi’s first investment in an Indian company. Xiaomi had earlier committed to invest in startups and also joined the Make In India campaign and started manufacturing.
The company will also integrate Hungama’s services into its content platform in India.
Hungama claims to have over 8,000 movies on its platform and 65 million users.
“We are very excited to be partnering with Xiaomi, as we are extremely aligned in the way we see digital media becoming mainstream on mobile devices. With this investment, we intend to further strengthen our movie and TV services,” Neerja Roy, CEO of Hungama said in a statement.
[source]
