Stage, an over-the-top (OTT) platform focusing on regional languages, is gearing up to raise $15 million in a new funding round. This round is expected to be led by Goodwater Capital, with support from existing investors such as Blume Ventures, according to two insiders familiar with the negotiations who requested anonymity due to the confidential nature of the discussions.
In January 2023, Stage successfully raised ₹40 crore (approximately $4.8 million) in a funding round led by Blume Ventures. Earlier, the platform secured $2.5 million during its pre-Series A funding in January 2022 and raised $1.5 million from Venture Catalysts in November 2020. Notably, the platform also attracted an undisclosed investment from Olympic gold medalist Neeraj Chopra last year. Its valuation stood at ₹290 crore (around $35 million) during the last funding round.
One insider noted, “The valuation of Stage could range between $80 million and $100 million post-money. The deal is nearing completion, and if all goes smoothly, we can expect an announcement shortly.”
Despite multiple inquiries, Stage, Goodwater Capital, and Blume Ventures have yet to respond. We will provide updates should they reach out.
Founded in November 2019 by Vinay Singhal, Shashank Vaishnav, and Parveen Singhal, Stage operates as a hyper-localized OTT service, delivering a range of trending, entertaining, and informative content in various regional dialects, including Haryanvi and Rajasthani.
The platform claims to have amassed over 1.2 million paying subscribers from Haryana alone, gaining approximately 250,000 new subscribers each month.
In the competitive regional OTT landscape, Stage faces rivals such as aha video, Chaupal, Planet Marathi, and OM TV. Recently, Planet Marathi secured $5 million in a funding round led by the US-based private equity firm A & MA Capital. Reports indicate that Chaupal and aha video are also in discussions for new funding rounds.
According to the latest Ficci-EY media report, vernacular content is projected to constitute 55% of total production as regional OTT platforms expand, driven by increased efforts in dubbing and subtitling.