The company plans to explore a larger fund raise of Rs 100 crore to take its business to the next level of growth.
CX Partners' Ajay Relan backed Picture Time has planned a multi-fold expansion of its mobile digiplex theatre operations in the country. The little over two-year-old start-up, which pioneered the mobile digital movie theatre (MDMT) concept in India, has raised Rs 25 crore in a pre-series A funding round from a clutch of investors led by Relan. The money raised will be used to fund this expansion over the coming months.
Speaking with DNA Money, Sushil Chaudhary, founder and chief executive officer, Picture Time Digiplex Pvt Ltd, said the company currently operates 10 mobile digiplex cinema theatres catering mainly to rural population in Chhattisgarh, Odisha, Jharkhand, Uttar Pradesh, Madhya Pradesh and Maharashtra. "The funding will help us scale up to 100 mobile digiplex cinema theatre units and presence across 14 states in the country by March 2019," said Chaudhary.
Among early investors (seed funding stage) in the start-up include serial investor and Picture Time Digiplex chairman Rohit Chand, Ashish Gupta and Sanjeev Agrawal of Helion Ventures, Asim Ghosh (ex- Vodafone India CEO) and Abhinav Sinha of Eight Road Ventures.
The mobile digiplex cinema theatre operator isn't stopping after hitting a century in 2019. The company plans to explore a larger fund raise of Rs 100 crore to take its business to the next level of growth. This round, according to Chaudhary, will either be a single chunk or staggered depending on the market response.
"The plan is to take the number to 500 mobile digiplex cinema theatre units over the next couple of years. Thereafter, we plan to take the company public by listing under the SME exchange," he said.
Elaborating on the company's cinema exhibition infrastructure, Chaudhary said it includes a unique, one-of-a-kind mobile digiplex cinema theatre unit with a fireproof inflatable canopy that can accommodate 120 viewers. "Within two-and-a-half hours, the mobile digiplex cinema theatre can be made fully functional, complete with seating arrangements and world-class high-definition digital projectors and 5.1 Dolby surround sound for a high quality cinema experience.
Blockbuster plans
- The company has raised Rs 25 crore in a pre-series A funding round from a clutch of investors led by Ajay Relan
- The company plans to explore a larger fund raise of Rs 100 crore to take its business to the next level of growth
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