Balaji Telefilms owned over-the-top media service (OTT) platform AltBalaji acquires a 17.5% stake in Mumbai-based online celebrity engagement platform Tring.
- On-demand OTT platform AltBalaji acquires a 17.5% stake in Mumbai-based celebrity engagement platform Tring.
- AltBalaji is a wholly-owned subsidiary of Balaji Telefilms Ltd. launched on 16 April 2017.
- The platform directly competes with other OTT platforms such as Amazon Prime Video, Hotstar, etc.
According to the reports, The acquisition of the stakes worth more than Rs 10 crore (or about $1.3 million).
Tring is one of India’s largest celebrity engagement platform. The current investment values Tring at about Rs 100 crore (or about $13.6 million) since its launch in February 2020.
As part of this deal with Tring, AltBalaji will be entitled to appoint one board member to represent them on the parent board, B. D. Innoventures Pvt. Ltd. (the parent company of Tring).
In May 2020, Tring raised an undisclosed amount in its Seed funding round led by various angel investors, including Sujeet Kumar (Co-Founder, Udaan), Hemesh Singh (Co-Founder, Unacademy), Gaurav Munjal (Co-Founder & CEO, Unacademy), Roman Saini (Co-Founder), Kalyan Krishnamurthy (CEO, Flipkart), Sumit Jain (Investor), and Keshav Sanghi.
Now, Balaji Telefilms showed its interest in investing in Tring to further its content growth.
“We have successfully taken ALTBalaji to new heights since we launched in 2017, and today, we are one of the most loved Hindi OTT with award-winning shows on the platform,” said Mrs. Shobha Kapoor (Managing Director of Balaji Telefilms).
“Tring has done a tremendous job in such a short period, and we are confident that with our investment and support, they will scale much faster, bringing audiences closer to the celebrities they adore. We look forward to growing our businesses, given the numerous synergies that exist between Balaji Telefilms and Tring across target markets and customers,” she added.
“Having Balaji Telefilms as partners in this journey provides valuable and key strategic inputs for Tring as we continue our market penetration and reach the masses. Tring Co-Founders Rahul and Pranav, with Tring’s core team of Advait Khadse and Mihir Parikh, and the fantastic team at Tring have contributed immensely to this journey we are on. We have just begun, it is day one,” said Akshay Saini (Co-Founder of Tring).
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According to the Boston Consulting Group, the OTT market in India is expected to reach $5 billion (or about Rs 40,000 crore) in size by the year 2023.
The global over-the-top (OTT) market size was valued at $97 billion in 2017 and is expected to reach $332 billion by the year 2025, growing at a CAGR (Compound annual growth rate) of 16.7% from 2018 to 2025.
About Tring – Tring is one of India’s top and largest online celebrity shoutout platform founded in 2019. Currently, Tring has 2000+ listed celebrities and other global influencers on its platform.
Tring offers its consumers to make every moment special with a personalized recorded video from their favorite celebrity and influencer. The platform also hosts direct live voice and video calls on social media platforms like Instagram.