The company will be using the funds for its working capital requirements on production of web-series and other content for its clients that include both brands and OTT platforms.
The Viral Fever (TVF), leading Indian video on demand and over-the-top streaming service has raised $2 Mn debt from Mumbai-based venture debt firm BlackSoil. The company will be using the funds for its working capital requirements on production of web-series and other content for its clients that include both brands and OTT platforms. BlackSoil had earlier provided venture debt to TVF in 2019 and they are renewing their partnership in 2021.
Founded in 2010, TVF produces branded content for its own channels and OTT giants like Netflix, Amazon Prime, Sony, etc. The company is focussed on solving the lack of new generation content for India’s young teenage audience. It has produced hits like TVF Pitchers, Permanent Roommates, Yeh Meri Family, and the more recent Aspirants and Kota Factory amongst others. For the viewers, these have been well received as relatable content, depicting real-life scenarios and struggles. In the list of top 10 Indian web series and TV shows as per IMDb Top 250 TV list, six out of the ten shows come from TVF. Today, TVF has more than 10 Mn subscribers on their YouTube channel.
“We have a great pipeline of shows for the next couple of years to meet the increasing demand of quality content from the audiences. This debt raise is going to help us deliver this pipeline and fully take advantage of the OTT boom. We are extremely excited to renew our partnership with BlackSoil”, said TVF President, Vijay Koshy.
“TVF has consistently delivered hits over the last decade by producing relatable content with relatable characters for India’s youth. The dearth of quality content and its increasing demand because of the OTT boom will further ensure the continuing success of TVF and its shows. It is our pleasure to be able to support them in their journey”, stated Ankur Bansal, Co-founder of BlackSoil.
The Indian video OTT market in India is expected to grow from $1.5 billion in 2021 to $4 billion in 2025 and further to $15 billion by 2030.
Source: Business World