Indian digital music and videos firm Hungama is on the verge of raising at least $100m in new funding, according to a TechCrunch report. It claims that the company is raising the cash from existing investors Intel Capital and Bessemer Venture Partners, following a $40m round in 2014.
The report claims Hungama is planning to focus even more on its mobile entertainment offerings, including using the funding to “develop its technology, platforms and increase its content libraries” – with acquisitions of other Indian digital entertainment firms on the agenda too. Those could include some of the streaming music services trying to build businesses in the increasingly competitive Indian market, where access to catalogue has been one of the big issues. The report claims that Hungama reached 48 million people in February, with 43 million of them consuming music or video on a mobile device and 13.8 million paying for it in some way.
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