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Indian music streaming firm Hungama raising $100 mn
Washington: Indian media company Hungama that provides music, videos and movies on mobile, desktop and beyond, is on the cusp of raising more than $100 million, according to a media report.
The media company is in “advanced” talks with existing investors Intel Capital and Bessemer Venture Partners, which fronted a $40 million raise last summer, TechCrunch reported citing sources close to the company.
Intel Capital invested an undisclosed sum in the business in 2012, it said.
Founded in 2005 as a marketing and communications agency, Hungama eyeing the growth of mobile branched out to entertainment in 2009 to today emerge as “arguably India’s most prominent player in that space.”
The soon-to-be-completed round will be used to grow the company’s footprint on mobile, tapping into the vast growth in adoption of smartphones that is expected in India, TechCrunch said.
More specifically Hungama will invest to develop its technology, platforms and increase its content libraries, it said.
The money could be used to acquire other market players, it said citing company sources.
The total audience for Hungama’s services hit 48 million users in February. Of that figure, a whopping 43 million consumed content on a mobile device, with 13.8 million paying for some form of content across its platform.
Hungama’s services were used by 227 million consumers during its last financial year, with around one-third spending money in some way.
Unlike it competitors in India like Times India-owned Gaana, Saavn and Rdio, Hungama goes beyond music to offer Netflix-like movies, TechCrunch said
“With India’s music and film scene closely tied together, the company is betting that this synergy and its international catalogue – which just added Disney and Marvel – will help it stand apart from the rest,” the web site said.
Being included on Facebook’s free Internet.org portal, which just arrived in India, doesn’t hurt too, it said.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.