What Company is Offering:
Bollywood movies and soaps for as low as $1.99. Subscription packages from $9.99 a month. Now combining the choice of video-on-demand with the power of the web.
How Much They Got From VCs:
They have secured terms for an inside, up-round for Series B financing, led by its current largest investor, Innovative Entertainment Limited (IEL). Company sources confirm the amount of the Series B round exceeds the Series A funding level of US$3MM, and establishes the company's pre-launch, post-money valuation at nearly US$20MM.
Why They Are Raising More Fund:
Explaining the reasons for accelerated funding, a spokesman for the company's finance group notes "management has soundly navigated the early capital and content risk phases of the business and, has a growing appetite to extend these early gains." Its finance team sought and readily obtained acceleration capital in advance of previously planned growth capital. The venture will deploy its deep access to liquidity to implement its tested tactics for infrastructure, distribution and services launch.
More at:http://www.tinselcinema.com/
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