Bessemer Venture Partners, an American global venture capital firm, announced it has led a $40 million financing round for Mumbai-based Hungama Digital Media Entertainment.
Existing investor Intel Capital also participated in this round.
“The money would be deployed to upgrade mobile apps and integrate with the banking system for having loyalty programmes with us,” said Neeraj Roy, managing director and CEO of Hungama.
Vishal Gupta, managing director of Bessemer Venture Partners, India, said, “Hungama is 10x larger than all the other players put together with about 20 million users. It has become India’s largest on-demand digital entertainment storefront, which serves audio, video and imagery to South Asians across the world. As smart phones penetration increases, Hungama is slated to become a prominent player in the market.”
“The digital business is in the transition period from 2G to 3G that will make it more fascinating. There is a big opportunity in delivering world-class movie and audio service,” said Roy.
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